Bank of Hope Small Business Loan Review
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Bank of Hope is distinguished as an “SBA Preferred Lender.” As a leader in SBA Lending, they are able to provide a faster, more straightforward process for their borrowers. SBA loans offer a number of benefits, including the provision of 90% financing, longer loan amortizations, a fixed interest rate and other perks that you won’t find in a traditional bank or online lender offer. Because they are a bank rather than a lending institution, they have inhouse underwriting and application processing, which helps make the process go faster and decreases the turnaround time between application and decision.
Understanding Your Loan Options
The traditional SBA partnership loans are all available at the Bank of Hope, including the 504 program and the 7(a) program. Their website is fairly explanatory as to the process of application and the conditions for the loan. SBA loans can only be used for business related purposes. Payment of personal debt is ineligible. Credit card balances may be paid if the charges were for business related purposes.
The bank does uniquely offer the SBA Working Capital Program (EWCP). As trade financing specialists, Bank of Hope’s SBA and Commercial Lending teams can provide a better understanding of SBA’s export lending programs, and are able to guide you through the process every step of the way. The benefits of an EWCP loan include: Financing for suppliers, inventory or production of export goods, making it ideal for export working capital during long payment cycles. The program allows exporters to extend more liberal global sales terms and offers low fees and quick processing times.
Speed of Implementation and Loan Duration
The Bank of Hope claims to be able to offer a quick pre-approval and decision process, although no hard numbers are ever mentioned. If you’re looking to purchase inventory, equipment and machinery, an existing business or commercial property, 7(a) loans offer the longest terms available to repay the loan. Loan terms from 7 to 10 years for business purposes, and loan terms up to 25 years for owner-occupied commercial real estate property. As trade financing specialists, Bank of Hope’s SBA and Commercial Lending teams claim that they can produce quick processing times but they are not very specific about what they mean by that claim.
Fine Print and Final Thoughts
Looking through the paperwork required to process and apply for the loan might be a good pre-application activity. In spite of vague claims to the contrary, getting together the required documentation for a $5 million-dollar SBA partner loan is not going to be quick. Having everything in order before you begin the application process will go a long way in speeding it up. If you’re acquiring a business then learn how to get a loan to buy a business.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.