Fulton Bank Small Business Loan Review
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Fulton Bank enjoys the status of being an SBA preferred lender. This means that the government has given them permission to fast-track the loan application process and to evaluate several aspects of a loan application in house rather than having to seek government approval. This works out well for the borrower as it means they will be able to get a much faster decision on their loan than if they had worked with a financial institution that does not enjoy this status.
Understanding Your Loan Options
The range of Fulton Bank’s SBA loans is staggering: perhaps the most diverse offerings of SBA programs enabled by any bank yet reviewed. They offer the two traditional SBA loans. Initially, the SBA 7(a) which is a secured loan for variable terms to handle many different business expenses all the way up to real estate and the SBA 504 which is an unsecured loan program that focuses on real estate and machinery funding.
Fulton offers those two programs as well as the entire array of SBA options: SBA Express, SBA Veterans Advantage, SBA CAPLines, SBA Export Express, the Export Working Capital Program and the International Trade Program. All have different standards, terms, conditions and purposes. Several of these were designed to provide quicker and more flexible loan application processes for short term cash flow type loans. Each is described in fairly appropriate level of detail but the actual requirements and conditions will be based on your own business’ financial position and situation.
Speed of Implementation and Loan Duration
The SBAs answer to the fact that their loans take way too long to get approved was to introduce their Express program. The Fulton Bank SBA Express loans are for businesses with less established credit that want to improve cash flow, refinance debt, or fund improvements, equipment, or real estate. It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans. The entire process is less onerous and requires less paperwork and documentation than the usual SBA loan.
Fine Print and Final Thoughts
Fulton Bank claims that their lending experts can make it easy for you to take advantage of sensible alternatives to business funding. As a participant in the SBA's “Preferred Lending Program” (PLP), Fulton Bank's experienced lenders have what it takes to cut through the red tape often associated with business lending, and are uniquely empowered by the SBA to approve and close loans more readily than any other SBA lenders.
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.