Posted
on Tuesday, July 30, 2024
in
SBA Loans
Interested in Starting, Expanding or Purchasing a Professional Practice?
Is there a piece of equipment, technology, or just the right practice setting standing between you and your dream of starting, expanding or purchasing a professional practice?
Small Business Administration (SBA) loans available through First National Bank are helping professional practices in Iowa access the capital they need to start, maintain, and grow their business. Find out why.
Wide variety of financing purposes
First National Bank offers SBA 7(a) and 504 loans, which can finance a wide variety of business needs. This may include everything from:
- Start-up, acquisition, or practice expansion.
- Buying out a partner to purchase their stake in the practice.
- Purchasing long-term fixed assets, like exam tables, instruments and tools, medical equipment, and even digital record keeping systems.
- Gaining access to short-term capital or lines of credit for business needs such as advertising, covering payroll costs or purchasing inventory.
- Refinancing existing business debt not secured by real estate, such as business loans and equipment leases.
- Purchasing, refinancing, or construction of owner-occupied commercial real estate. Almost all new construction costs can be funded by an SBA 7(a) loan, including lighting, security systems, and even landscaping.
Assistance for all types of professional practices
First National Bank works with all types of Iowa-based professional practices - from accountants to attorneys, architects and engineers, dentists, psychologists, physical therapists, pharmacists, and medical doctors.
Recognizing that no two practices are alike, the bank’s commercial lenders will work closely with you to gain an understanding of the vision for your practice and its financial needs and will recommend loan solutions that are a good fit for your practice. If you’ve been in business for a while, SBA loans can be a top choice for financing your practice.
SBA loan advantages
SBA loans offer several advantages, including:
- Credit flexibility. SBA loans can be easier to qualify for than some traditional bank loans.
- Competitive rates. SBA-guaranteed loans generally have interest rates that are comparable to non-guaranteed loans.
- High loan limit. Maximum loan amount of $5 million.
- Longer terms. Another benefit of SBA loans is that you may get more time to repay them, which means you’ll have more money available for other business needs.
Your Financial Partner
First National Bank is an SBA Preferred Lender, experienced in helping professionals successfully navigate the SBA loan application process. As your financial partner, we're here to help with the required forms and to explain what financial documents will be needed. We’ll also answer all of your questions and keep you informed throughout the loan underwriting process.
Ready to learn more about SBA loans for your professional practice? Reach out to SBA loan specialist Timothy Fitzgibbon today!