Fidelity Bank Small Business Loan Review
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Fidelity is a well-known bank and financial institution that offers a broad range of services for their clients, from checking and savings accounts to lines of credit and small business products. Fidelity offers several different SBA loan options for their clients, and also offer services like lines of credit to give small businesses the flexibility they need to thrive.
Understanding Your Loan Options
Fidelity Bank offers four main SBA loan programs as the core of their small business loan section. The SBA 504 program focuses on real estate and machinery funding as well as a host of other expenditures without a securing asset. The 7(a) program that requires security but offers the same type of loans including real estate loans for variable rates and 20-25-year terms. The Franchise lending, medical practice lending, and funeral lending are three specialty fields that Fidelity bank focuses on in addition to the usual SBA funding sources. They also include the USDA’s Business and Investment loans, which are confined to rural areas with a population of less than 50,000.
All SBA loan consideration by Fidelity requires that clients provide the following paperwork and information. Business Profile, Descriptive Loan Request, Collateral Description, Business tax returns for past three years, current interim financial statements and Personal tax returns and financial statements from any partners, owners, officers and stockholders owning 20% or more of the business. Some loan programs may require additional information but this level of application will get you a beginning to the process of applying for an SBA loan.
Speed of Implementation and Loan Duration
SBA loans can take a while to get approval, and the best thing you can do to speed up the process is to have all of the paperwork you’ll need ready before you begin the loan application process. This ensures that the bank will have all the info it needs to make a decision, and can get the decision back to you in a timely manner.
The duration of the loans is pretty flexible as far as the 7(a) and 504 programs. There is rarely a penalty for early repayment, so if you can pay off your loan early and avoid paying interest over the entire length of the loan, you can save a good chunk of change.
Fine Print and Final Thoughts
Fidelity Bank is distinguished as an “SBA Preferred Lender.” As a leader in SBA lending, they claim to provide a quicker, more streamlined process for their borrowers. SBA loans provide 90% financing, longer loan amortizations, no balloon payments and fixed-rate interest rates.
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.