Uniti Bank Small Business Loan Review
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Uniti is a full-service bank that offers many types 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 and more. 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
Uniti Bank offers the two most common and popular SBA loans available to lenders. 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. Term of the loan is dependent on the purpose of the request; typically, working capital loans range from 7 – 10 years, while real estate can be as much as 25 years. The SBA provides Uniti Bank with a 75% – 90% guaranty, depending on the amount of 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. The financing package is structured with 2 loans – one loan is typically obtained through Uniti Bank for 50% of the financing needs,
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.
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. It is the gathering of information and documentation on the part of the borrower that very well may take a minute.
Final Thoughts and Fine Print
Uniti Bank offers many different products and services, but their lack of preferred lender status means that if you are in the market for an SBA loan you may want to look elsewhere, as it will take quite a bit longer to get approval through Uniti than it would take if you used an SBA Preferred Lender.
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.