Pacific Western Bank Small Business Loan Review
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Pacific Western Bank is an “SBA National Preferred Lender,” which means they can underwrite and close loans on behalf of the SBA anywhere in the USA. This ceding of authority means that Pacific Western is able to complete SBA loans faster than any lending institution without this designation.
Understanding your Loan Options
Pacific Western offers thirteen non-commodity lending products to meet the unique needs of small and middle market businesses. Their lending professionals combined with a fully diversified national loan platform deliver end-to-end control of the lending process. Their approach is to help businesses succeed by providing expertise, support, and access. They specialize in particular industries and that knowledge means businesses will be working with someone who understands the unique characteristics of their enterprise and industry.
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.
Speed of Implementation and Loan Duration
Small Business Lending: As an SBA Preferred Lender, we understand the challenges facing small business owners and deliver fast credit decisions with streamlined application, approval, and closing processes. Pacific Western claims to have originated and serviced well over $3 billion in small business loans. That is a great deal of experience in the process. They are certainly positioned to appreciate the challenges facing small business owners and deliver fast credit decisions with streamlined application, approval, and closing processes. The duration of the loans is negotiable, and SBA loans under 15-year terms can usually be paid back early without penalty.
Pacific Western lends to franchisees, physicians, professional offices, veterinarians, child care, assisted living, and dozens of other industries. As an SBA Preferred Lender, Pacific Western’s goal is to provide responsive and timely solutions to their borrowers' financing needs. They offer proof of that by guaranteeing a response to your completed application within 72 hours.
Fine Print and Final Thoughts
While Pacific Western is a good source for SBA and other types of small business focused financial products, you should make sure to get a list of the charges and fees you will incur from taking the loan out with them. This will give you a better understanding of the total cost of the loan so you can make an educated decision regarding what’s best for your small business. Read more about how to get funding for a small business.
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.