Small Business Loans (SBA)

Small Business Loans (SBA)

First Northern Bank is able to offer SBA financing to local businesses through our partnership with the U.S. Small Business Administration (SBA). In fact, First Northern Bank is an SBA 'Preferred Lender'. We offer both SBA 7(a) loans and SBA 504 loans.

Summary

If you're thinking about starting your own business or if you're an established business, we can help you obtain the financing you need for:

  • Working Capital
  • Inventory Purchase
  • Machinery & Equipment
  • Commercial Real Estate
  • Purchase
  • Improvements
  • Construction

Learn More

For more information about SBA loans, visit Ten Frequently Asked Questions About SBA Loans, or contact our Small Business Lending Office.

Do You Qualify?

You can qualify for an SBA Loan if your business is:

  • A for-profit organization (other loan programs are available for non-profit organizations)
  • Independently owned
  • Not exceeding the following maximum size standards:
  • Manufacturing--varies by industry from 500 to 1,500 employees
  • Wholesaling--up to 100 employees
  • Service--varies by industry from $5.0 million to $25 million in revenue
  • Commercial real estate must be 51% occupied by your business if you are purchasing the building, or;
  • Must be 60% occupied by your business if you are constructing the building

Learn More

For more information about SBA loans, visit Ten Frequently Asked Questions About SBA Loans, our contact our Small Business Lending office.

7(a) and 504 Loan Programs

7(a) Loans

The SBA 7(a) Loan Program is a loan guarantee program that may be used for a variety of business needs. Loan proceeds may be used for business expansion capital, equipment purchases, commercial real estate acquisition, the purchase of a small business, or to start up a small business.

504 Loans

The SBA 504 Loan Program provides long-term, fixed-rate, subordinate mortgage financing for acquisitions and/or renovation of capital assets including land, buildings, and equipment. Virtually all types of for-profit businesses are eligible for this program.

Learn More

For more information about SBA loans, visit Ten Frequently Asked Questions About SBA Loans, our contact our Small Business Lending office.