NOA Bank Small Business Loan Review
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NOA Bank is a very traditionally structured financial institution offers many kinds of financial products, including small business loans. Their loan options include fixed rates, adjustable rates, commercial real estate, renovation and construction loans as well as lines of credit for short term expenses. Each has its own characteristics but they are all subject to evaluation in relation to your own business’ financial situation.
Understanding Your Loan Options
There is very little description of the term loans that NOA Bank offers in their commercial banking department. The only guidance is that they can reach up to 25-year terms and that they are negotiated on a case-by-case basis. They also offer what they call Smart Business Checking as well as Small Business Checking, and there are lines of credit also available on the commercial side. The cost of these services is anyone’s guess – the focus of the website is to get you to call. There is a 3-page downloadable “loan application” but it is generic and not specific to any particular loan.
Banks, state or federal agencies, venture capital firms and other investors have different viewpoints and focuses. For example, private equity investors like angel investors and venture capitalists, for example, are more concerned about the day-to-day company operations because they have a stake in the company. Larger financial institutions such as banks may never step foot into your business. They are more concerned about the plan that was put on paper and the entrepreneur.
Speed of Implementation and Loan Duration
There is no way to know how long their process takes, since there is very little description of their loan application process beyond the 3-page application. Aside from SBA Express, there is no quick version of a government backed loan. The bank is the only agent in the process, so their access to inhouse underwriting will save some time. Getting the information and documentation together will be time consuming. The real-time frame is determined by the organization and thoroughness of the applicant’s bookkeeping practices. After that, any other SBA loan is destined to take at least thirty more days after all the paperwork is submitted.
Fine Print and Final Thoughts
The advice and guidance offered by NOA Bank does not necessarily come cheap. The bank expects its customers to pay for access to their expertise. 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.