Wilshire Bank Small Business Loan Review
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Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, which operates 38 branch offices in California, Texas, New Jersey and New York, and nine loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, New York, NY, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area.
Understanding Your Loan Options
Wilshire Bank has been part of a commercial movement toward the SBA loans, as well as lines of credit and merchant services that are frankly lower risks than long term loans or commercial loans. The credit lines offered to small business are under $150,000 and are usually granted based on creditworthiness.
The specific options for SBA loans are the popular 7(a) loans, which has a new subprogram called the “Small 7(a)” which is 7-10-year term loan for less than $150,000.00 – $350,000. This new program is supposed to have an easier application and reduced documentation requirements.
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 US Metro Bank for 50% of the financing needs, the other 40% through a Community Development Organization.
Duration of Loans and Speed of Application
As a member of the SBA Preferred Lender Program (PLP), the Wilshire Bank is positioned to provide expertise and a streamlined process to help clients apply for SBA backed loans. Normally SBA loans can take easily up to 64 days to get approval, and that is only after all of the applicant’s documents have been turned in to the lender. However, their Preferred Lender status gives the WIlshire Bank the authority to assess, document, approve and ultimately close the loan without direct SBA approval or review. As a result, you should expect a turnaround time of about 30 days when working with Wilshire Bank on an SBA loan. Their other products which aren’t backed by the federal government will have a faster turnaround time.
Final Thoughts and Fine Print
Wilshire is a decent option for many small businesses. However, you should get a complete list of any fees that you’ll have to pay in order to get the loan in order to understand the actual cost of the loan and plan for your small 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.