United Community Bank Small Business Loan Review
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The United Community Bank is obviously a large company that offers many kinds of financial products and services, 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, among all sorts of other services. 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.
Understanding Your Loan Options
The small business loan section of United Community is very well developed and has many moving parts. Aside from all their commercial options, they also have the two major SBA partnership loans, including the 7(a) program which 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. 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 United Community Bank has a list of specialty businesses and industries that they will custom create a loan for companies that are in these specialized areas like health care. SBA defines a small business for the 7(a) program by certain size standards. These include limitations based on sales or number of employees depending upon the industry classification of the business.
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. Since the 504 is designed to finance property or equipment, it can range all the way up to twenty-five years as well. The bank is the only proprietor in the process, so inhouse underwriting will save some time.
Final Thoughts and Fine Print
United Community Bank offers a broad range of products and services, which makes it likely that they will have the type of product you need to help your small business grow. Whether it’s a line of credit, or a 25-year term SBA loan, you can find the product your small business needs at United Community Bank.
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.