First Savings Bank Small Business Loan Review
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First Savings Bank likes to provide all the financial services that their clients will ever need. Toward that end, they have a broad range of financial services and products that are self-reinforcing – if you partake of one service, you get preferential treatment in other financial product and service transactions.
Understanding Your Loan Options
First Savings Bank claim to understand the small business need for working capital to survive and thrive and seem to claim to be able to serve those needs. This claim is somewhat vague and is no doubt true but completely devoid of detail about the conditions or terms The First Saving Bank works with loans guaranteed by the Small Business Administration and USDA Rural Development. Their business is almost completely handled face to face between expert loan officers and the customer. There isn’t much information online or even an online application process, so if you like working face to face with your lenders, this might be a good choice for you.
There are several types of SBA loans that all have the same terms and conditions across banks, however, the status of the bank determines the speed of the application process and the latitude they have to offer lower credit standards or lower leverage requirements. The details vary from bank to bank.
Speed of Implementation and Loan Duration
The range of services offered by First Savings means that they vary in how long it takes to set those services up or to gain approval for access to funds. As far as the small business loans through the SBA process, First Savings can offer many of the same benefits that you’ll get at other SBA lenders. However, as they are not recognized as a preferred SBA lender, your loan will take a bit longer to process with First Savings than it would with some other financial institutions that enjoy preferred lender status.
Fine Print and Final Thoughts
The breadth of the loan programs offered in this area by First Savings Bank does not necessarily come cheap. The bank expects its customers to pay for access to their expertise. People often sign on the dotted line without taking the time to read the fine print, which is a costly error that you will want to avoid. In the fine print, you will often find hidden fees and service charges that you did not expect to encounter, increasing the overall cost of your 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.