When you reach that point in business when you need a loan, you face two daunting tasks. The first is learning how to apply for the loan. The second can be even tougher -- finding a bank that knows how to get the loan done quickly and efficiently. Here is the good news: You came to the right Small Business Finance website.
How do you know where you stand during the loan process?
Our loan officers are your best friends. You will always be just a phone call or email away from information about your loan. For more information on how the loan process works, click here.
Why should I want an SBA loan?
There are huge advantages to the Small Business Administration's government-backed loan. The SBA allows us to consider loans that may otherwise be outside our traditional credit policies. Most importantly, the loans we approve could have substantially better terms, including longer term and possibly even a larger loan amount.
Example: When you buy a business or buy out a partner, there is typically a significant amount of goodwill. Typical bank policy will not finance goodwill. SBA allows us to structure a loan that will provide financing of goodwill.
Example: Buying or refinancing a building? Most credit policies allow for up to 15-year amortization of the loan, but it has a maturity or balloon at just 5 years. Do you really want to go through the loan process again in just 5 years? SBA allows us to go up to 25 years and there is never a balloon. Never worry about this loan again!
What other types of loans qualify for SBA?
Along with the two mentioned above, the SBA will allow us to give you much better terms on equipment, working capital, starting or expanding a franchise, and especially construction loans. Most banks will require a construction loan and then a permanent loan. Why should you have to pay the expense of two loans? We will simply do the long term loan with a 6-12 month construction, interest only, time period.
Why don't other banks tell us about the advantages of SBA?
In most cases, the other banks don't know SBA lending. They will tell you it takes too long or there is too much red tape involved. Not when you're working with the experts at FNB!