New Millennium Bank Small Business Loan Review
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New Millennium Bank is a full-service bank, with a full array of commercial business loans as well as Small Business Administration-backed loans. They also a fair number of SBA loans and have an SBA-dedicated team of specialists to help with the application process. They are not in a position to approve and close SBA loans without bureaucratic interaction.
Understanding Your Loan Options
Commercially, New Millennium has the business term loan designed for clients acquiring an existing business, expanding a current business, buying fixed assets and equipment, or financing working capital. The loan has up to 5 years with 7 years amortization, along with a business line of credit designed to meet clients’ seasonal short cash flow for acquiring inventory, and for working capital needs. Those contracts are for up to 1 year, with possible renewal but annual clean-up required. The third loan is an 18-month construction loan that is merely to provide funding until the second loan, hopefully the permanent mortgage, is paid for buy the new owner. Millennium also offers business real estate loans as well as “trade” loans.
The two major SBA partnership loans are available at the New Millennium Bank and both can have durations up to 25 years. The 504-unsecured loan program that focuses on real estate and machinery funding for existing and startup businesses. 504 loans include job creation requirements. The SBA requires that recipient manufacturers must create or retain one new job for each $100,000 of the loan, while all other industries must create or retain one new job for each $65,000 of the CDC 504 loan. The 7(a) program requires security but offers the same equipment, office furniture, software purchases, almost any business need up to real estate loans for variable rates and 20-25-year ter
Speed of Implementation and Loan Duration
New Millennium is very upfront and honest about how long it will take to get an SBA loan approved. They claim that it will be anywhere from 45-60 days after your completed application, documents and commitment letter are received. There are definitely small differences in the expense and quality of service between banks, but it is very difficult to be specific without going through the pre-approval process. The length of time to apply and get the loan is completely dependent on the amount of time it takes the borrower to get their paperwork together and into the bank. These are not designed to be immediate or quick fix loans.
Fine Print and Final Thoughts
New Millennium is an average choice when it comes to small business funding. They may have a product that’s just right for you, but someone else may have a better one.
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.