Community Bank Small Business Loan Review
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The Community Bank has an extensive lending capability throughout California to facilitate Small Business Administration Loans. Their portfolio includes SBA 7(a) loans, SBA 504 loans, and can be acquired for commercial real estate purchases, working capital lines of credit, equipment financing, asset based lending, and capital expenditures. Fairly uniquely, they also provide international trade financing, ESOP lending capital and operating leases.
Understanding Your Loan Options
Some of the long and short-term investment schemes offered by the Community Bank are very attractive, especially for those who appreciate the opportunity for their money to make money. With a variety of deposit accounts for collection, disbursement and transactional needs they have the lots of types of accounts for your business, which can function to organize your finances. In doing so, the Bank offers competitive rates on money market and certificate of deposit accounts that can be geared toward short-term liquidity of long-term yield, like money market accounts.
Of course, the short-term options like lines of credit and letters of credit are services that are available as well from Community Bank. They have a treasury service that seems almost enough to satisfy any accountant’s record keeping standards and could be a huge asset to a growing business until they develop a more inhouse approach to accounting.
Speed of Implementation and Loan Duration
As far as SBA sponsored loans go, the Community Bank offers the two major SBA partnership loans are available at Community Bank, 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. These loans, like all others acquired through the bank, are subject to fees and service charges by the bank proper. They aren’t clear about these fees on their site, so make sure you get a clear description of any fees and charges associated with procuring the loan before you agree so you have a complete understanding of what the loan will actually cost you.
There is little direct conversation about the length of time specifically associated with the plethora of loan options described on Community Bank’s website. No doubt inhouse underwriting speeds the process.
Fine Print and Final Thoughts
The Community Bank seems like a fine institution to do business with and seems well prepared to help small businesses get access to financial support. They are particularly geared toward community building and they do a lot of community based support that is not profit driven.
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.