Open Bank Small Business Loan Review
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Open Bank was named “2011 National Small Business Lender of the Year” by the U.S. Small Business Administration. They claim to be dedicated to providing an unparalleled level of banking experience when it comes to obtaining SBA loans. They offer free consultations and assessments to see if your business can qualify for a SBA loan. SBA defines a small business for the 7(a) program by certain size standards. These include limitations based on sales or number of employees depending upon the industry classification of the business.
Understanding Your Loan Options
Small business loans can be difficult to acquire and difficult to sort. Some companies make the process easier than others, some give better terms, and some measure you by your credit score, some by your social media presence and potential earning power. The differing terms and conditions are sometimes difficult to parse. Aside from their very specialized SBA EWCP (Export Working Capital Program), most of the loans the Open Bank does are SBA 7(a).
The 7(a) loan program has flexible parameters to accommodate most business expense requests. A 7(a) loan cannot have a revolving provision and the maximum loan size is $5,000,000. The term of the loan is dependent on the purpose of the request; typically, working capital loans range from seven to ten years, while real estate can be as much as twenty-five years. The SBA provides the lender with a 75% – 90% guaranty, depending on the request.
Speed of Implementation and Loan Duration
Open Bank’s SBA Department is a team of seasoned loan officers, underwriters, and closing specialists who quickly assess each applicant’s unique financing needs and financial qualifications to deliver custom-tailored SBA loans that are rate and term competitive, in the most efficient and streamlined ways. Their expertise allows us to foresee and maneuver through any underwriting/closing challenges, which means you will have your loans approved and funded on time, guaranteed.
Fine Print and Final Thoughts
Open Bank is a good option for many small business lenders. Make sure you take advantage of their custom-tailored SBA loans to ensure that your loan is perfectly suited to your business. They’re one of only a few companies that offer this product, and that makes them appealing to a wide swath of businesses in all kinds of different industries. If you’re considering a small business loan, Open Bank most likely has a product that they can tailor to fit your needs, making them a good place to check while researching your loan options.
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.