Small Business Loans and Lines of Credit
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Small Business Loans and Lines of Credit

Business Loans and Financing Solutions

At First Bank, we offer more than just loans - we build a foundation for a long-term partnership. 

It's engrained in our DNA and in our mission and values.  With our combined financial strength and seasoned business banking team, as well as our extensive product options, we're confident we can help your company succeed.   

We have streamlined our approval process and placed decision-making authority within our local markets.  That means that the people who understand you and your business best are the ones who will stay with you all through the process.  

Simple Business Solutions

First Bank's Simple Business Loan is designed to be just that - simple! We work with you to understand your diverse and growing needs for a business loan. We structure the financing and guide you through the process with a single point of contact from application to close.

Features

Common Loan Uses

  • Loan amounts $10,000 - $100,000
  • Fixed and variable rates available
  • Terms up to five years with seven year terms using the SBA Loan Program
  • Your loan can be structured for multiple advances
  • Loan to value is based on the value and age of your collateral
  • Permanent working capital
  • New or used equipment
  • Tenant improvements
  • New or used business vehicle

Business First Line of Credit

We understand the value a Business First Line of Credit can offer to a business client who desires liquid cash at your disposal. Once the paperwork process is complete, enjoy having access to your line of credit at your discretion.

Features

Common Loan Uses

  • Line sizes from $100,000 - $250,000
  • Access funds on an as-needed basis
  • One year term
  • Use checks to access your line
  • Variable interest rate
  • As you pay down your balance, you replenish your available credit
  • Multiple collateral options
  • Finance receivables
  • Seasonal working capital
  • Trade discounts
  • Short term cash flow

Revolving Line of Credit

At First Bank we offer a streamlined paperwork process, a single point of contact from application to close, and the flexibility to readily access money at your discretion.

Features

Common Loan Uses

  • Line sizes from $250,000 - $1,000,000
  • One year term
  • Variable interest rate
  • As you pay down your balance, you replenish your available credit
  • Multiple collateral options
  • Financing receivables
  • Seasonal working capital
  • Trade discounts
  • Short term cash flow

First Bank supports small businesses across the country with loan products to meet your diverse needs. A First Bank Simple Business Term Loan offers you a loan amount up to $1 million and the luxury of working with one single point of contact from application to close.

Features

Common Loan Uses

  • Loan amounts from $10,000 to $1 million
  • Terms up to five years with longer terms available
  • Loan can be structured for multiple advances
  • Collateral requirements based upon value and age
  • Variable or fixed interest rates
  • Loan to value based on value and age of collateral
  • New or used equipment
  • Permanent working capital
  • Tenant improvements

A Commercial Real Estate Loan is designed for those seeking funding for owner-occupied or investor real estate. We offer the luxury of working with one single point of contact from application to close.

Features

  • Loan amounts from $50,000 to $2 million
  • Loan terms up to five years with longer terms available and amortization up to twenty years
  • Loan can be structured for multiple advances
  • Up to 75% loan to value for owner-occupied conventional loans
  • Variable and fixed interest rate

SBA 504

First Bank is an SBA National Preferred Lender. That means you have more options available if conventional financing options are not right for you. And we can shorten and streamline the entire loan process. An SBA 504 Loan provides financing for the purchase of fixed assets, primarily for real estate. Project financing normally consists of three parts: 50% of the project cost is financed through First Bank, 40% of the project cost is financed through a Certified Development Company (“CDC“) loan, and 10% is your down payment commitment.

Features

Common Loan Uses

  • Loan amounts up to $5 million
  • Fixed rate terms
  • Down payment as low as 10%
  • Financing terms up to 20 years
  • Business acquisition
  • Owner-occupied real estate
  • Land and building acquisition
  • Facility construction or renovation
  • Purchase/installation of capital equipment and machinery
  • Build-out and site improvements

SBA 7(a)

First Bank is an SBA National Preferred Lender. As a Preferred Lender, First Bank can approve a loan on behalf of SBA. This means you have more qualifying options available if conventional financing is not right for you. It also allows First Bank to shorten and streamline the entire loan process.

An SBA 7(a) term loan provides financing for a number of purposes. Because the SBA provides government guarantees, First Bank can approve loans that could not be approved otherwise.

Features

Common Loan Uses

  • Loan amounts range from $50,000 to $5 million
  • Attractive interest rates
  • Financing terms up to 20 years
  • Business acquisition
  • Owner-occupied real estate
  • Furniture and fixtures
  • Capital equipment and business equipment
  • Facility construction and renovation
  • Land and building acquisition
  • Working capital

International Trade Services / Letters of Credit

Opportunities for your company in the international business environment are greater now than ever before, and so are the risks. An experienced partner like First Bank will help you understand the right approach for your business and help you meet your specific business needs.

Our Solutions

  • Export Letters of Credit
  • Transferable Letters of Credit
  • Import Letters of Credit
  • Bankers Acceptances
  • Standby Letters of Credit
  • Documentary Collections
Export Letters of Credit
First Bank provides an exporting client with fast and efficient processing of documents to facilitate the collection of your receivables. We handle the advising and/or the negotiation of the export letters of credit.

Transferable Letters of Credit
For an export letter of credit, First Bank is authorized to transfer the Letter of Credit for a client to a second beneficiary. First Bank will advise the client (first beneficiary) on the best approach and execute the process.

Import Letters Of Credit
First Bank provides an importing client with fast and efficient processing of import letters of credit to ensure there are no delays in the manufacturing and shipping of merchandise. We will notify a client as soon as a document is received, so the client does not have to pay any demurrage charges or experience any delays in picking up their merchandise.

Banker's Acceptances
First Bank will accept drafts drawn on First Bank in accordance with the letters of credit terms and will monitor maturity dates and notify a client as needed.

Standby Letters of Credit Transactions
Standby letters of credit include both financial risk or service performance. Depending on what kind of Standby Letter of Credit is required the following documents could be presented:
  • Letter of Credit Template
  • Letter of Credit prepared by lawyers
  • Letter of Credit Application
  • Confirmation
Confirmation
This shifts the risk from the issuing bank to the confirming bank. Usually confirmations are required when the beneficiaries are insurance companies or banks.
  • Must be stated in the Standby Letter of Credit
  • Our Letters of Credit are confirmed by one of our correspondent banks
  • The applicant pays for the confirmation commission
Documentary Collections
Incoming and Outgoing Documentary Collections are done based on the mutual trust between the buyers and the sellers. We offer two Documentary Collections options:
  1. Incoming Documentary Collections
    • An incoming document payment is a documents against payment. First Bank will release the shipping documents against payment to a client.
    • For a document against acceptance First Bank will release the shipping documents against the acceptance of the draft by the drawee (The Buyer/Our Client).
  2. Outgoing Documentary Collections
    • For a documents against payment, First Bank will send the shipping documents against payment to the buyer’s correspondent bank, following a clients' instructions. Upon receipt of the incoming payment, First Bank will credit the client’s account and notify them.
    • For a documents against acceptance, First Bank will send the shipping documents against the acceptance of the draft by the Drawee (Buyer) to the buyer’s correspondent bank, following the clients' instructions. At maturity of the draft and upon receipt of the incoming payment, First Bank will credit a client's account and notify them.
Get Started / Questions?
International Operations
Eric Schoenberg
800-242-3455, Option 5
Contact Eric
International Operations
Sarah Fritzsche
800-242-3455, Option 5
Contact Sarah
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