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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.
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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.