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.
Advantages
| Fast Approval Process | The Express program operates on an accelerated turnaround time for SBA’s review, giving small business borrowers a faster loan decision. |
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| Streamlined Application Process |
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
| Eligibility | For-profit businesses. 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. |
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| 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 real estate. |
| Underwriting Requirements |
Personal guarantees by all owners of 20% or more. Hazard insurance. 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 |
