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Through our partnership with the U.S. Small
Business Administration (SBA),
First Northern Bank is able to offer SBA financing to local
businesses. In fact, First Northern Bank is an SBA ‘Preferred Lender’.
As an SBA preferred lender, we offer the following SBA loan types:
7(a)—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—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.
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
Do You Qualify for an SBA Loan?
Yes… 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
- Must be 60% occupied by your business if
you are constructing the building
For more information about SBA loans, visit
the Ten
Frequently-Asked Questions about SBA Loans.
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