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Pacific City Bank Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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Pacific City Bank Small Business Loan ReviewPacific City Bank is a large company that offers many kinds of financial products, including small business loans. As a member of the SBA Preferred Lender Program (PLP), they are positioned to provide expertise and a streamlined process to help clients apply for SBA backed loans. Pacific City’s commercial and government backed 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

The two major SBA partnership loans are available at Pacific City Bank, including the 504-unsecured loan program that focuses on real estate and machinery funding and unlike 7(a) loans, 504 loans include job creation requirements.  Manufacturers, for example, 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 that requires security but offers the same business expense funding for equipment, furniture, inventory, business debts or real estate loans for variable rates and 20-25-year terms.

Pacific City offers a range of commercial loans for businesses and individual entrepreneurs. Construction Loans are for 2-year construction of residential and commercial properties. Up to seven-year Business Term Loans are available for the purchase of business, refinance or consolidation of existing business debts and acquisition financing. They offer commercial business lines of credit with one-year revolving term. Finally, Pacific City offers the Professional Line of Credit that provides short-term financing to certified professionals with a one-year revolving term.

Speed of Implementation and Loan Duration

Normally SBA loans can take easily up to 64 days to get approval, and that is after all of the applicant’s documents have been turned in to the bank. However, Preferred Lender status gives Pacific City Bank the authority to assess, document, approve and ultimately close the loan without direct SBA approval or review. From completed application to funding is probably more like thirty days because of Pacific City’s Preferred Lender status.

Fine Print and Final Thoughts

The fact that only the bank will be both the lender and servicer of your loan is a valuable commodity in and of itself. The complications that can form after a loan is approved and granted really calls for a consistency of care and advice across all the transactions involved. Related: Qualifying for VA debt relief.


Anne Miller

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.


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