With Small Business Administration (SBA) loans, clients find greater flexibility for many uses such as acquiring a business, making payroll, paying bills, buying equipment to take advantage of new opportunities, and more. As an SBA-designated Preferred Lending Partner, First Business Bank is recognized as a top-tier SBA provider, helping you navigate the SBA loan approval process more efficiently.
SBA & Government Guaranteed Lending Options
Economic Injury Disaster Loan Assistance (EIDL)
Loans for recovery help from the COVID-19 pandemic; up to $2 million for payroll, fixed debt, accounts payable, and other bills you need help paying because of the disaster.
Focus on running and growing your business rather than on how you’ll pay for improvements. Featuring a competitive rate and no balloon payments, this option offers predictable, steady financing without a borrowing limit.
Accomplish your objectives faster with up to $5 million for broader business purposes, including refinancing existing debt and boosting cash flow. Now you don’t have to wait to take action on your plans to achieve success.
You were never intimidated by the individual challenges unique to your location and industry, and now you can benefit from a loan program that recognizes the importance of creating and saving jobs in under-served locations.
The Small Business Administration (SBA) approved non-profits and businesses to receive low-interest Economic Injury Disaster Loans (EIDL) to help them recover from the COVID-19 pandemic. EIDL loans are offered directly through the SBA, not through banks. Details on the EIDL loans include:
Amount: Determined by SBA, up to $2 million per business or organization (up to $25,000 unsecured).
Eligibility: Must show “substantial economic injury as a result of COVID-19” from January 30, 2020, to the present, as compared to 2019 financials.
Permitted uses: Fixed debt, payroll, accounts payable, and other bills that can’t be paid because of the impact of COVID-19.
Interest rates: 3.75% for small businesses without credit available elsewhere, but no lender turn-down required; 2.75% for non-profit organizations.
Repayment/deferral: Determined by SBA, up to 30 year term. Most repayment terms are 15-30 years.
Apply: Online applications are strongly encouraged. Visit the SBA websiteto learn more and apply.
A popular small business loan program, the 504 loan provides security of longer amortization and fixed-rate financing — without frightening balloon payments. It also features 90% financing, which makes it desirable to small business owners. This loan can be used for fixed assets and related costs that promote the growth and development of your business, including:
• Buying land, including existing buildings
• Making improvements, including grading, street improvements, utilities, parking lots, and landscaping
• Building new facilities or modernizing, renovating, or converting existing facilities
• Buying long-term machinery or equipment
With a maximum small business loan amount of $5 million, the 7(a) loan is attractive to many owners of small-to-medium sized businesses who use them to fund their new business and capital needs. With favorable repayment terms and fixed interest rates, they’re a predictable source of capital to improve cash flow and start or expand your business. Our seasoned small business loan experts can help you navigate the requirements of getting a 7(a) loan for:
• Establishing a new business
• Acquiring an existing business
• Long-term working capital for operational expenses, accounts payable, purchasing inventory
• Short-term capital needs for seasonal financing, construction financing, and exporting
• Purchasing equipment, machinery, furniture, supplies, and real estate
• In some cases, refinancing existing business debt
USDA BUSINESS & INDUSTRY
Developed to save and create jobs in rural areas, these small business loans provide funding to rural businesses. If you’re planning improvements in your business in a rural area, our small business loan experts will help you investigate the benefits of this loan and your eligibility. It can be used by business owners looking for financing for:
• Expanding, repairing, modernizing, or developing your business
• Purchasing and developing land, easements, rights-of-way, buildings, or facilities
• Purchasing equipment, leasehold improvements, machinery, supplies, or inventory
• Refinancing debt when it improves cash flow and creates or saves jobs
• Making business and industrial acquisitions that will create or save jobs
INTERNATIONAL TRADE LOAN PROGRAM
Growing your import business or expanding and modernizing to match foreign competition are two prime uses of the International Trade Loan Program. Your business can receive up to $5 million in small business loans through the program for multiple improvements, including working capital for export transactions. With up to 90% financing, flexible eligibility requirements, longer-term amortization, and fixed-rate financing, businesses often use the International Trade Loan Program for:
• Acquiring, constructing, renovating, modernizing, improving, or expanding facilities or equipment in the United States to produce goods or services involved in international trade
• Working capital
• Developing new foreign markets for your products or business
• Refinancing an existing loan
SBA Lending Success Stories
Funding a New Business with a Franchise Loan
Two business partners are starting a family entertainment center, a start-up franchise location, and they have more than 20 years of local industry experience between them. We we’re able to help these business owners by…
The owner of a gas station/convenience store needs to refinance a loan with a large balloon payment. Margins on gas typically are low, and external factors, like road construction, can dramatically impact the business’s cash…
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