First Intercontinental Bank Small Business Loan Review
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As an approved lender under the U.S. Small Business Administration (SBA) loan program, First Intercontinental Bank is able to provide quick SBA loan approval on loans that may fall short of conventional financing standards. SBA loans offer greater flexibility in the structure of a loan with potentially lower equity requirements and longer terms. As a recipient of SBA Preferred Lender Program status, the bank is positioned to quickly approve SBA loans and offer more flexibility in terms and conditions than the conventional loans can offer.
Understanding Your Loan Options
SBA loans can be used for a myriad of purposes, from purchase and/or construction of real estate to leasehold improvements, purchasing a business or to provide working capital for your existing business. They can even be used for refinancing existing debt as long as it shows at least a 20% improvement in cash flow.
The service representatives and loan officers at First Intercontinental Bank can help you understand the different SBA options they provide, and will be happy to point you towards the loan option or options that are structured best for your specific small business situation. As a result, they can help you get the funding you need, no matter if that’s a loan, a line of credit, or another small business funding option that you may not even have considered. .
Speed of Implementation and Loan Duration
First Intercontinental 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. Because they are a bank rather than a lending institution, they have inhouse underwriting and application processing is centralized for a smooth process.
There are many different durations under the different loans programs, both commercial and SBA backed. The terms of the loans are flexible under both systems, and basically the shorter the term, the higher the interest rate. Although SBA loans generally allow early payback with no penalties, with the longest-term loans requiring at least 10 years of payments before allowing a penalty-free early payback.
Fine Print and Final Thoughts
First Intercontinental Bank offers plenty of help and support for small businesses looking to get off the ground, or help those small businesses that are already up and running take their business to the next level. If you think that an influx of capital can help your business grow, First Intercontinental Bank is worth looking into.
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.