Plumas Bank Small Business Loan Review
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Plumas Bank is a full-service bank with an array of business financial services and products including small business loans, both commercial and SBA backed. They are offering a range of services that no doubt supports each other by providing discounts and free services if you are a customer in another area like a small business loan. So maybe your business checking account is free.
Understanding Your Loan Options
The two major SBA partnership loans are available at Plumas Bank, including 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.The 7(a) program requires security but offers the same business expense loans for equipment, office furniture, former business debts or real estate loans with variable rates for up to 25 year terms.
Plumas’ 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. 504 financing does not provide financing for working capital, inventory, debt refinancing and business acquisition purposes.
Speed of Implementation and Loan Duration
As a member of the SBA Preferred Lender Program (PLP), Plumas are positioned to provide expertise and a streamlined process to help clients apply for SBA backed loans. Normally SBA loans can take easily up to 64 days to get approval, and that is after all the applicant’s documents have been turned in to the bank. However, Preferred Lender status gives Plumas Premier 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 the bank’s Preferred Lender status. If you need fast business funding then an alternative lender may be a better fit.
Fine Print and Final Thoughts
Plumas offers everything you could want from an SBA lender, and their SBA preferred status means that they can process your loan application much more quickly than other institutions that lack this status. The result is a solid financial product at a reasonable price. Make sure that you get a full list of any charges or fees that you will incur from accepting the loan through them so you can get a complete idea of how much the loan will actually cost you so you can plan accordingly.
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.