Fueling growth and success for Illinois and Indiana small businesses.
Dream big, and achieve bigger, with a First Bank SBA loan.
Our in-house Small Business Administration (SBA) team has expertise to guide you through the SBA loan process smoothly and efficiently. Our SBA Loans are designed to meet the unique needs of your small business, offering more flexible terms, lower down payments, and reduced fees compared to traditional business loans.
And recently, First Bank has been granted Preferred Lender Status by the Small Business Administration (SBA), the highest bank designation reserved for top-tier lenders. The Preferred Lender status provides our team with the authority to process, close, service and liquidate most SBA-guaranteed loans without prior review to provide faster financing to businesses in southeast Illinois and southwest Indiana.
Whether you're looking to start a new venture, expand your current operations, or need working capital, our SBA Loans provide a viable solution. From the popular SBA 7(a) loan, ideal for a variety of general business purposes, to the 504 loan, perfect for major fixed asset purchases, First Bank has the resources to support your business ambitions.
The 7(a) is the most common SBA loan, offering flexibility on terms and business uses. It’s a good funding source for important business moves, like acquisitions, partner buyouts, real estate purchases, refinances and more.
- Up to 90% financing and loan amounts up to $5 million
- Fully amortized with no balloons
- No pre-payment penalties for loan terms under 15 years
A 504 has nearly the same eligibility requirements as the 7(a), however the funding uses are more structured and fall into three main categories – buying commercial real estate, financing improvements within that real estate and purchasing large equipment.
- Low down payment of typically 10%
- Fixed or floating interest rate options
- Increased loan amounts of up to $15 million
Business Banking
First Bank earns SBA Preferred Lender Status
The highest bank designation reserved for top-tier lenders.
Financing strategies vary by business type and stage.
So whether you're just getting started, thinking of taking it to the next level, or keeping things running smoothly, connect with an expert today and let's make great things happen together.
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What is an SBA loan?
SBA loan programs can help you start or expand a small business. SBA loans can be used for your business’s real estate, equipment purchases and working capital. They are government-guaranteed loans built to help small business owners succeed through smaller down payments, no minimum loan amount and flexible repayment periods. Because the terms of the loan are typically tailored to meet the specific needs of each business, it is recommended that you contact one of our Relationship Banking Officers to discuss the terms and rates available to you.
How do SBA loans work?
SBA loans are in fact bank loans, so you can apply through a local SBA lender like First Bank. Due to the tendency for small business ventures to be risky in nature, government backing makes it possible for small business lenders like First Bank to take a chance on new and smaller companies. This crucial funding allows companies to invest in their business in a variety of ways.
What can small business financing be used for?
From starting to expanding your business, there are many ways to use an SBA loan. 7(a) Loans, which are the most general programs, can be used for physical purposes such as expanding or renovating your space, buying land or commercial properties, equipment and fixture purchases, inventory acquisition and lease-hold improvements. You can also use a 7(a) loan to improve cash flow through debt refinance, a seasonal line of credit or working capital. SBA 504 loans can also be used for funding assets such as equipment or real estate, but the interest rate is fixed instead of variable and the terms may vary compared to a 7(a) loan.
Is First Bank a preferred lender?
Yes. First Bank has been granted Preferred Lender Status by the Small Business Administration (SBA)(Opens in a new Window), the highest bank designation reserved for top-tier lenders. The Preferred Lender status provides First Bank with the authority to process, close, service and liquidate most SBA-guaranteed loans without prior review to provide faster financing to businesses in southeast Illinois and southwest Indiana.
business/sba-loans
Loans subject to credit approval by First Bank and the Small Business Administration. First Bank cannot provide tax or legal advice. Please seek the guidance of a tax or legal professional if you have questions.
Approved to offer SBA loan products under SBA's Preferred Lenders Program.