Glacier Bank Small Business Loan Review
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Small Business Administration Loans are extended by the bank with the guarantee of the federal government. This type of loan enables your business to obtain secured financing when conventional collateral might not be adequate. Glacier Bank, as a Preferred SBA Lender, may be able to approve your SBA loan right at their bank and avoid a great deal of the paperwork and delay associated with negotiating a government backed loan.
Understanding Your Loan Options
Glacier Bank does not identify on their website the type of SBA loans that they are willing to pursue. The range of options is huge: there are 7(a) loans, 504 loans, SBA Express loans, CAPLines, ect. The Glacier Bank has their own commercial loans to satisfy the same purposes that the SBA loans seek to fulfill. For example, Glacier Bank offers commercial loans to businesses for lines of credit, equipment term loans, commercial term real estate loans and construction loans, as well as SBA loans.
None of the loans on the website are described in any detail beyond their stated purpose. The rates, terms, conditions and standards are all left to the imagination. The short descriptions are followed by applications in PDF form that are to be sent through the mail as opposed to emailed or sent through a secure server.
Speed of Implementation and Loan Duration
Glacier Bank is organized like a traditional commercial bank. They are not especially tech savvy or at least not very digitized in their loan application process. Their communications process emphasizes personal contact between loan counselors and the customer, a good way to get you to commit to their loans. There is little information that you could use to compare this bank’s speed of implementation beyond the fact that their Preferred Lender status would allow them to approve SBA loans more quickly than banks that don’t enjoy that status.
Fine Print and Final Thoughts
The advice and guidance offered by Glacier 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. This company does little to explain the cost of the loan, which come in the form of service charges and fees.
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.