East West Bank Small Business Loan Review
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As an SBA National Preferred Lender (PLP), East West Bank can provide expedited services and faster turnaround to help your business thrive. They offer all the products and services you expect from a big bank with the high level of personal attention expected from a local bank. SBA loans provide 90% financing, longer loan amortizations, no balloon payments and fixed-rate interest rates. The bank offers other services like lines of credit and letters of credit, to name a few of the type of support services they provide.
Understanding Your Loan Options
East West follows standardized guidelines when it comes to their SBA loans and lending options. Moreover, they can help you understand what kind of loan is best for your particular small business. SBA 7(a) program is designed for businesses with less established credit that want to improve cash flow, refinance debt, fund improvements, or purchase equipment or real estate.
Like other SBA loans, SBA 7(a) features longer terms and lower down payment requirements than conventional loans. SBA 504 loans are for larger, established businesses that need long-term financing for heavy machinery or the acquisition, construction, or improvement of real estate that is primarily owner occupied. The program features generous loan amounts and offers up to 90% financing of the original cost of the project.
Speed of Implementation and Loan Duration
The biggest factor in the speed of approval and disbursement is how well prepared the borrower is for the lending process. That’s why you should make sure that you have all the documentation you’ll be asked for ready before you start the loan application process. Because East West is a bank, rather than a lending institution, they have inhouse underwriting and application processing is centralized for a smooth process and that is part of why they enjoy PLP status.
PLP status also allows the East West Bank to offer the SBA Express loans, which are for businesses with less established credit that want to improve cash flow, refinance debt, or fund improvements, equipment, or real estate. It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.
Fine Print and Final Thoughts
East West offers some excellent options for getting access to the SBA loan you need to improve your small business’s financial situation. If you’re considering an SBA loan, you should give East West a look to see if they have any programs that are suited to your small 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.