A Faster Application Process for Small Businesses
An SBA Express loan features a streamlined application process to provide faster access to financing for small
businesses. This loan is an ideal fit for a business looking to secure a working capital line of credit.
First National Bank of Northfield can finance a loan up to $350,000, which is guaranteed up to 50 percent by the Small Business Administration.
Contact one of First National’s experienced business bankers to see if you qualify.
|Fast Approval Process||The Express program operates on an accelerated turnaround time for SBA’s review,
giving small business borrowers a faster loan decision.
|A simpler application process means less paperwork and a faster decision.|
|Capital Line of Credit||Ideal for businesses looking for spending flexibility.|
SBA Express Loan Information
Net worth not in excess of $15 million.
Net profit after tax averaging less than $5 million for the previous two years.
Small business qualifications by SBA guidelines.
|Loan Size||Loan amount up to $350,000.|
|Use of Proceeds||Working capital lines of credit.|
|Financing||Provided by First National Bank of Northfield.
SBA provides 50% guarantee to First National on loan amounts up to $350,000.
|Collateral||First National to take first secured interest in business assets and/or a mortgage on
|Personal guarantees by all owners of 20% or more.
Life insurance on business principals.
Adequate business collateral or personal assets securing personal guarantee, e.g., a
mortgage on a home.
|Loan Terms||Revolving lines of credit up to 7 years. Initial term is 1 year with renewal options.|
|Interest Rates||Variable rates based on Wall Street Journal prime rate.|
|SBA Guarantee Fees||2% of the guarantee portion.|
|Application Materials||View the application and materials checklist|