First Bank: Financing Loans for Businesses

Choosing a bank to finance the right loan for your business is a critical decision. There are loans that cater to the established business looking to expand, and there are loans for the entrepreneur just getting started. The team at First Bank can help you choose the financing that’s right for you.

Business Financing Options

Shopping for loans can be overwhelming because of the large number of options available. Here’s a quick overview of some common types of business loans:

Secured Loans
Lenders offer secured loans because they are low risk. The borrow is required to put up collateral in exchange for the financing.
Unsecured Loans
Unsecured loans do not require the buyer to put up collateral. Approval for unsecured loans often depends on the borrower’s available capital and credit score.
Short-Term Loans
Short-term loans serve as a quick infusion of cash that requires swift repayment.
Long-Term Loans
A long-term loan is financing that is repaid over more than 12 months. If you’re needing to acquire assets for your business, this may be the right option for you.
SBA Loans
The Small Business Association (SBA) is a government agency that helps small businesses find loans. If you do not qualify for a traditional loan, you may be eligible for a loan through the SBA. If you’re just starting out, an SBA loan may be right for you. First Bank SBA has financed thousands of small businesses.

SBA Loan Options

Some common types of loans from the SBA include:

7(a) loans
This common and versatile loan provides the necessary financing to launch a new business or to acquire or expand an existing one and can provide up to $5 million with terms stretching up to 25 years.

Microloans
Microloans are similar to the 7(a) loan but finance only up to $50,000, with repayment terms reaching up to six years.

CDC/504 loans
CDC/504 loans provide long-term and fixed-rate financing for the acquisition of real estate and expensive assets.

Find a First Bank Near You

Whatever your goals, we can find a loan to fit your needs. Find a First Bank branch in your area and start growing your business today.

————

Sources:

SBA: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-program-eligibility

SBA: https://www.sba.gov/content/disaster-loan-program

Loans subject to credit approval.

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

A Prime Time for Meridian Meridian creates custom interactive kiosks for some of the largest brands in the world. You may think that a company like this would be in Silicon Valley, but you'd be wrong. Gilder and his team are actually housed in Aberdeen, North Carolina. 3 min read

3 Major Factors of a Small Business Credit Card Comparison Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to entrepreneurs, which can make it difficult to choose one that is best fit for you and your business. When choosing a small business credit card, the Wall Street Journal suggests paying attention to three specific aspects: Interest rates. Whether you plan to pay off your balance as soon as you make a purchase, or carry a balance on your card, interest rates are important. Some cards will have a teaser interest rate as low as 0% for the first year, and most credit cards will raise your interest rate for any late payments. Rewards benefits. Consider the rewards you will earn for making purchases. For example, if your company travels a lot, you might want to look for a card that offers rewards on gas or travel. Annual fees. Some cards charge annual fees—others don’t. Pay attention to the annual fee charges when choosing a card in order to avoid paying yearly. With First Bank, you don’t have to spend all your time comparing credit cards. We offer one small business credit card with all of the features and benefits you need to run your business smoothly. No Other Credit Cards Compare Eliminate the hassle of credit card comparison with First Bank.* Our Mastercard Business Card with Rewards** does feature several benefits, including: 1.25 points for every $1 spent on qualified purchases Zero liability No annual fee 24-hour MasterCard Global Service® Purchase assurance MasterAssist: travel assistance MasterRental insurance Competitive interest rate Visit Your Local First Bank Today To learn more about our Mastercard Business Card with Rewards or other business loan options, contact or visit your local First Bank branch today. **See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ——— Sources: Wall Street Journal: http://guides.wsj.com/small-business/funding/how-to-pick-a-credit-card-for-your-business/ 2 min read

Close up image of football with team in the background.

Thinking of Sponsoring a Local Event? Event sponsorships can be great when they’re done for all the right reasons. But it helps to evaluate all of these opportunities and offers before making any commitments to move forward. 4 min read

In it for the Long Haul: How the Most Successful Businesses Innovate Have you ever wondered how some businesses manage to keep growing and thriving through the last 10-20 years, or even over centuries? 5 min read

First Bank: Financing Loans for Businesses

Ready to talk to an expert?

Business Financing Options

SBA Loan Options

Find a First Bank Near You

Ready to talk to an expert?

You may be interested in...