Banner Bank Small Business Loan Review
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Recognized as a top SBA Lender in Oregon and Washington, Banner Bank is a designated SBA Preferred Lender and we utilize SBA programs to our clients’ fullest advantage. Loans are subject to approval in accordance with Bank and SBA eligibility and lending guidelines.
Requirements and Conditions
Banner bank also offers all sorts of commercial lines of credit, both unsecured and secured. The latter can be secured by either inventory, assets or accounts receivable. The length of the loan’s term and its size will usually determine the cost of the loan. Additionally, whether you put up collateral and how much collateral you use to secure the loan will also have a large impact on the loan’s overall cost. Almost all of the lines of credit pay a variable interest rate and are typically a yearlong arrangement. They also have a specific category of loans for equipment that offers both fixed and variable interest rates as well 7-year terms.
The two major SBA partnership loans are available at the Bank of the West, including the 504 program that focuses on real estate and machinery funding and the 7(a) program that requires security but offers the same real estate loans for variable rates and 20-25-year terms. In addition to these, Banner also offers the SBA Express Loans and SBA Veterans Advantage Loans, as well as other government backed loan programs. Learn more about how to get a loan for a business.
Speed of Implementation and Loan Duration
Aside from SBA Express, there is no quick version of a government backed loan. The major factor in determining how long it will take to get a decision is how well you prepared before the application process. If you have all of your books and paperwork in order and ready for the bank to evaluate then the process will go a bit quicker. However, even with the express loans that Banner Bank offers, it will take at least 30 days to get a decision on whether or not you qualify for a loan, and that is the best-case scenario. Therefore, don’t count on these loans to make up a shortfall in working capital or payroll expenses. After that, any SBA loan is destined to take at least thirty more days after all the paperwork is submitted.
Fine Print and Final Thoughts
Local banks are nice to work with because they are usually willing to tailor the loan options to the borrower in a more personal manner. If you already are doing business with the bank it will make it easier to go through them for a loan. Therefore, opening a line of credit with the bank could be a great first step. The breadth of options available for small business is impressive given this is essentially a two-state bank.
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.