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SBA Loans

Posted on Friday, June 14, 2024 in SBA Loans

SBA Loans Frequently Asked Questions

Why should I apply for an SBA loan through First National Bank?

First National Bank has been making loans to small businesses since we were established in 1903. We’ve been consistently recognized for our exceptional customer service and long-term relationships with our business loan customers.  

Why get an SBA loan?

SBA loans offer funding for specific small business needs, as well as real estate purchases and operating capital. SBA loans offer competitive interest rates, and may include longer terms, more flexible repayment options, and lower down payments.

How does an SBA loan work?

Apply for the SBA loan through First National Bank. After an SBA credit application is approved, First National Bank provides the loan, and the SBA guarantees a portion of it. This guarantee is important because it gives banks an incentive to loan money to small businesses that might not qualify for traditional loans. This loan helps small businesses fund and expand their company.

What amount of funding is available to borrowers?

Funding up to $5 million is available under the SBA program and can be used for most business purposes, including working capital, fixed assets, and real estate. 

How is my interest rate determined?

Loan rates are based on several factors, including credit quality, loan amount, and term. Please talk to a First National Bank lender for information on the current SBA loan interest rates.

What types of SBA loans are there to consider?

The SBA offers a range of loans to meet diverse business needs. Learn more about First National Bank’s SBA loan options.

How do I qualify for an SBA loan?

Our SBA loan specialists can sit down with you and look at your business’ needs to determine what SBA loan program requirements you may meet and what would be the best choice for you.

In general, applicants need a good credit history, adequate collateral, a detailed business plan with reasonable projections, and the ability to inject some of their own cash into the project. You must also be a for-profit business.

Learn more about SBA loans by downloading First National Bank’s “A Beginner’s Guide to SBA Loans.”

  1. commercial loan
  2. small business administration (sba) loan
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