Every small business needs cash. Whether you are starting or expanding a business, acquiring new property, or in need of working capital, a small business loan is often the route to future growth. At First National Bank Small Business Finance, we specialize in SBA lending — a government-guaranteed loan available to business owners who may have trouble qualifying for conventional bank loans.
SBA loans are what we do. In fact, it’s all we do! That’s why our Business Development Officers are committed to making the SBA loan process as efficient as possible for our clients. We pride ourselves on making deals happen and want to put our SBA experience to work for you. There are several reasons to choose an SBA loan over a traditional small business loan. Here are just a few examples…
Lower down payments
A smaller down payment means your business can retain more cash on hand to support day to day business operations.
SBA loans are long-term loans, usually 10-25 years with no balloon payments. Longer terms mean lower monthly payments so your business will have more cash on hand to improve sales and growth.
SBA loans usually have very flexible pre-payment terms so you can often accelerate payments with no penalty, if you choose. The more flexibility you have as a business owner the better you can react to market opportunities.
No Operating Loan Covenants
This means your loan can’t be called or put into default over a ratio on your financial statements, as long as your payments are current.
No Banking Requirements
You are free to decide where you want your business checking, personal accounts, and any other bank or investment accounts.