Small Business Administration Loans
As an approved lender under the U.S. Small Business Administration (SBA) loan program, First IC Bank is able to provide quick SBA loan approval on loans that may fall short of conventional financing standards. SBA loans offer greater flexibility in the structure of a loan with potentially lower equity requirements and longer terms.
For complete listing of services, rates, fees, and restrictions, please contact any customer service representative.
SBA Loans are beneficial to:
- Business start-ups
- Equipment upgrades
- Purchase and/or construction of real estate
- Purchase a business
- Working Capital
- Refinancing existing debt as long as it shows at least a 10% improvement in cash flow
Benefits of SBA loan over conventional financing:
- A minimum 10% cash injection required
- Terms as high as 25 years
- Offer both variable rates and long-term fixed rates
- SBA can finance young companies