Rock Canyon Bank Small Business Loan Review
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Rock Canyon Bank is a full-service bank with an emphasis on small business loans. They have a customized small business checking account service, and a series of SBA loan programs that address a range of business expenses and situations.
Understanding Your Loan Options
The USDA Business & Industry loan program is offered in partnership with USDA Rural Development to improve the economic health of rural communities by providing more affordable financing for businesses in eligible rural areas. These loans may be used for construction/purchase of new buildings, purchase of new equipment, or other working capital needs.
The two major SBA partnership loans are available at Rock Canyon Bank and that includes 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.
Speed of Implementation and Loan Duration
The duration of SBA loans varies in and among types of loans. Most of the programs have maximum terms but few dictate the term uniformly. The SBA 7(a) can be anywhere from three years to twenty-five years, depending on the type of business expense the loan is intended to purchase. Since the 504 is designed to property or equipment, it can range all the way up to twenty-five years as well.
Rock Canyon does gain some points here, as the fact that they are willing to customize their loans to suit the needs of your small business makes them an attractive option for those that have seasonal fluctuations or other issues unique to their industry or firm. As a result, there are multiple ways for different loans to be structured and scheduled, providing a flexibility that you don’t often see in small business lenders.
There’s no way to speed up the application process though, SBA loans will take some time to process, with the best case scenario being as little as 30 days and many applications taking longer than that.
Fine Print and Final Thoughts
Rock Canyon is a good choice for SBA loans that you intend to use to grow your small business. However, as they do not have preferred lender status, they will not be able to process your application as quickly as some other lenders. Also, if you’re looking for startup business funding bad credit options then you may have to look somewhere else.
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.