United Business Bank Small Business Loan Review
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The United Business Bank is a large company that offers many kinds of financial products, including small business loans. Their commercial loan options for business 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, potentially only your credit score in some instances. They also make claim to local knowledge of the commercial market and that coupled with their expertise in small business loans make them a good choice.
Understanding Your Loan Options
In spite of the broad range of commercial options, the United Business Bank does offer three different government backed loans. The bank offers two Small Business Administration loans, both 7(a) Loans and 504 Loans to qualifying small business clients. They also are willing to administer USDA loans that are dedicated to Business and industry development in rural areas.
The 7(a) loan program has flexible parameters to accommodate most requests. A 7a loan cannot have a revolving provision and the maximum loan size is $5,000,000, with terms dependent on the purpose of the request; working capital loans range from 7 – 10 years, while real estate can be 25 years. The SBA provides the United Business Bank with a 75% – 90% guaranty, depending on the request. The 504 program is intended for real estate purchases, construction, and machinery and equipment purchases. This program enables the borrower to provide as little as a 10% equity injection.
Duration of Loans and Speed of Application
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.
Final Thoughts and Fine Print
United Business Bank is an excellent choice for small businesses looking to grow. They offer many different products that can help small businesses meet their cash and credit needs, and this flexibility puts them above lenders who only specialize in one type of product or service. As a result, you can expect to get quality advice and a loan that is designed to work for you and your 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.