Centric Bank Small Business Loan Review
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Centric Bank is a large enterprise that offers a vast array of financial products and services, among them small business loans. They have a fairly deep section of loans designed for small businesses as well as some specializations in particular types of commercial loans.
Centric Bank makes the pitch that they have the expertise to help you through the best loan deal, if not the best loan process for a small business. SBA lenders are described as experienced guides to help you access cash and capital to purchase real estate, finance growth, acquire new equipment, and improve cash flow. It is true that SBA loans offer more collateral flexibility, longer term loans, no balloon payments to negotiate and most carry no prepayment penalties. From SBA 7a loan requirements to qualified SBA 504 loan options to guidance on sba.gov eligibility forms, Centric claims to provide the expertise necessary to increase your chances of approval.
Understanding Your Loan Options
Centric Bank offers financing for several commercial real estate transactions for small businesses including purchasing your first office, retail or commercial space, leasing a commercial space, refinancing the loan on an existing piece of industrial or commercial real estate, expanding your business and acquiring new property, building or renovating business property. In short, whether the borrower is acquiring, refinancing, expanding, developing, or building, the loan can be for you.
The bank does offer term loans for some specific types of commercial loans, which includes providing funds for the purchase of equipment and other assets like vehicle and equipment loans, working capital and seasonal time notes. They are not specific about the cost of their term loans, only saying that the rates and terms vary based on amount and terms. Read more about how to get approved for a business loan.
Speed of Implementation and Loan Duration
Centric Bank does have access to government as well as bank initiated and backed loans, so the length of time it takes to either process or pay back a loan is something that is customized to the customers’ needs and means. The time frame on applications is always relative to the amount of paperwork and the layers of bureaucracy that must be navigated will determine the length of time it takes to get from pre-approval through getting the check.
Fine Print and Final Thoughts
All of these different types of loans vary based on the particular terms and conditions that you fashion in your conversations with your loan expert. This particular bank is very hands on when it comes to processing the loans and designing them. As a result, they offer more flexibility than many other small business lenders, and are a great place to try if you’re not sure what kind of loan you need.
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.