Hanmi Bank Small Business Loan Review
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Hanmi Bank offers the Hanmi Express Small Business Loan, which is designed to meet the needs of small business in minimal time and with minimal paperwork. It is ideal for business owners who need loans for purposes such as buying equipment, marketing, refinancing debt, remodeling or expansion as well as buying inventory. They provide a real-time platform for borrowers to track their application as well as promising that most people will only need their credit scores as documentation. Fees are neither discussed nor disclosed.
Understanding Your Loan Options
Hanmi does say there are particular fees and charges associated with their commercial term and fixed rate loans, even if they do not show any way to calculate them or tell the potential customer what they are. The Hanmi bank also provides a similar chart for SBA backed loans, dividing their products into four categories: Commercial Real Estate, Construction, Business Term Loans and Lines of Credit. Hanmi Bank’s commercially offered loans are described in the kind of detail that allows you to know if it fits the business’s needs, but not what Hanmi needs from you in the form of credit worthiness or assets, not to mention fees or service charges.
Hanmi Bank’s description of the SBA 7a Loan Program and 504 Loan Program options is specific about terms and the benefits, not necessarily the requirements. One of the best parts of the SBA options that is rarely highlighted is that for loans with less than a 15-year term there is no penalty for early repayment, Even for those SBA loans that are over 15 years, there is a sliding scale for the interest penalty on early payments. This is a great feature and not offered by most conventional loans.
Speed of Implementation and Loan Duration
The range of term options is pretty limitless if you consider both the commercial and government-backed loan options that are in Hanmi’s portfolio. Since lines of credit, merchant services, online application processes, online banking services, business credit cards and all sorts of financial products and services that require very little paperwork to initiate. There are also much more document intensive processes that will no doubt take longer and require more paperwork.
Fine Print and Final Thoughts
Hanmi Bank has a very well organized and presented block of information regarding their commercial loan offerings. Their website provides geographically specific terms and conditions, including at least some of their own fees and service charges for handling the conventional loans.
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.