Pinnacle Bank Small Business Loan Review
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Pinnacle Bank provides a vast array of commercial financial services for businesses of all sizes. They specifically offer small businesses a particular set of services, including business checking, savings, lines of credit and loans, equipment leasing and several other creative options. They offer their own commercial term loans for businesses with great credit and plenty of assets. They also offer SBA loans for small businesses who are looking for longer repayment terms, a lower down payment and no-prepayment penalties for long-term financing for fixed assets, debt refinancing or working capital.
Understanding Your Loan Options
The SBA 7(a) Loan Program is designed to assist newly established and existing businesses with long term financing for fixed asset purchases including real estate acquisitions with or without construction, machinery and equipment, inventory, business acquisitions, debt refinancing, working capital or a combination of these expenses. This is a secured loan, so it involves the assessment of your asset(s) and some other documentation in addition to the usual loan application requirements.
The second SBA loan offered by Pinnacle is the 504-unsecured loan program that focuses on real estate and machinery funding. The 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.
Speed of Implementation and Loan Duration
The pace of application for all of the commercial smaller credit options is pretty quick and primarily based on creditworthiness. The leasing programs are also fairly quick and based on the condition and quality of your existing equipment or the new equipment you want to purchase.
Aside from SBA Express, there is no quick version of a government backed loan. The bank is the only proprietor in the process, so inhouse underwriting will save some time. As a consequence, one of the primary factors in the speed of the loan process is how well the applicant has prepared for the small business loan process. If you take the time to get your paperwork in order before applying, or if your books are organized in a way that allows you to rapidly get the information you need, then your loan process will be faster. For example, the 504 Loan Program is a blend of traditional bank financing and SBA backed debentures. 504 financing is structured as two loans with individualized terms and conditions for each component.
Fine Print and Final Thoughts
It’s important to keep in mind what you can use an SBA loan for when applying through Pinnacle. They offer good service at a reasonable pace, and are a great place to look to when you are interested in an SBA loan. Learn more about how to get funding for a startup 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.