First Financial Bank Small Business Loan Review
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First Financial Bank works in Indiana and Illinois and is one of the top 100 SBA lenders from June 2017. This is a bit odd, because they claim on their website that they can only package your loan application so that some other lender can provide you with the direct funding in partnership with the SBA. Small Business Administration (SBA) loans are utilized in order to start or expand businesses. If you are in need of this type of financing our financial experts are standing by to provide you with the guidance needed in securing an SBA loan with an approved SBA lender.
When you choose to apply for this type of loan First Financial will be there to walk you through the SBA process step by step. Our goal is to help prospective franchisees and start-up business owners with accessing the financing needed in order to achieve their goals.
Understanding Your Loan Options
The requirements and conditions for the loan are the very expertise that the First Financial Bank claims to provide. Although it is not simple to apply for some of the larger loans and older programs, the SBA has been trying to offer new more flexible loan programs for cash flow and inventory acquisition for small businesses without a lot of paper being exchanged. No doubt First Financial can set you up but it seems to add a layer of cost to the process.
Speed of Implementation and Loan Duration
Typically for any loan over $150K the process can take longer than the SBA Express Loans which are up to $150K and can be done in as little as 30 days from application to funding. However it mainly depends on how quickly the client is able to gather the necessary documentation requested by the SBA Lender. If you choose to work with First Financial they vow to advance you from application to funding as quickly as possible regardless of the loan size, through an approved SBA lender.
Fine Print and Final Thoughts
Most banks that offer the SBA loan have some loan specialists who are there to help you with the application process for a fee at the end and they can also directly provide the funding. If you can find a bank that will internalize the underwriting process, there is a good chance that they will be offering the best deals. This level of specialization may be more than is necessary and probably adds to the cost of the loan.
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.