Wallis State Bank Small Business Loan Review
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The Wallis State Bank is a full-service bank that provides many varieties 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, revolving lines of credit, equipment term loans, farm, livestock and crop loans. 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
Wallis State Bank offers 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. One example is that manufacturers 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 third SBA loan Wallis offers is the EWCP or Export Working Capital Program, which provides financing for suppliers or stand-by letters of credit and working capital to assist foreign accounts receivable.
Duration of Loans and Speed of Application
The commercial lines of credit and business services offer through the bank’s retail business are often based on simple credit score decisions. The acquisition of those products can be very quick if you have excellent credit. Some of the SBA programs are for people who have struggled in the past with their credit, but need a fresh start.
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
Wallis State Bank seems like an average option when it comes to small business lending. They have the services and products many small businesses need, but aren’t large enough to cover everyone with expertise, nor are they specialized enough to make them a perfect match for a particular industry.
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.