First Bank Financial Centre Small Business Loan Review
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First Bank Financial Centre is Number is Wisconsin's number one SBA lender,and the 2014 Wisconsin SBA Lender of the Year. Additionally, they are in the top one hundred lenders in the nation for SBA loan volume. As an SBA Preferred Lender, they are able to provide faster turnaround time on SBA loans, while still providing personalized service. Benefits of an SBA loan include the ability to secure long term financing (no balloon payments), flexible program requirements, longer amortization, and easy accessibility to financing thanks to the Small Business Administration backing.
Understanding Your Loan Options
The SBA loans offered are for many different business purposes, like business acquisition, fixed asset purchases like computers, equipment, vehicles, and machinery. Loans can also be for business expansion and permanent working capital as well as start-up business expenses, and refinancing of existing business debts. There are also a group of loans designed to finance commercial real estate purchases for the purpose of either refinancing your current mortgage, resolve consolidated debt,
This bank is very well prepared to deal with some of the newer SBA programs, like Working Capital CAPLines which provides revolving lines of credit with annual renewal availability up to 10 years. Maximum loan size is $5,000,000. Loan must be fully collateralized or structured with a borrowing base. Applicant must provide first lien on accounts and inventory of the business. SBA provides lender a 75 – 85% guaranty.
Speed of Implementation and Loan Duration
The FBFC is able to act quickly because they are an “SBA Preferred Lender,” which allows them to decide and approve the SBA loan without outside approval. As such, they claim to provide a quicker, more streamlined process for their borrowers. This cuts down on the paperwork and red tape that can slow down loan approval. The lack of bureaucratic oversight saves plenty of time.
There are lots of different options for duration and terms. The different loan programs each have their own ranges of loan terms and attendant interest rates and down payments. Other requirements exist.
Fine Print and Final Thoughts
SBA loans through a preferred lender like First Bank Financial Centre can be a much more pleasant process than the more ponderous loan application process with a bank that is allowed to offer them but is not in the PLP program. The newer SBA programs are designed to provide working capital as well as revolving lines of credit that can support the small business with more flexible financing options.
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.