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SBA Guarantee Loans
First Choice Bank is an approved "PLP" SBA lender. Under the preferred lenders program, the SBA gives select lenders more authority to process, close, service, and liquidate SBA guaranteed loans.
SBA Preferred Lender
First Choice has earned this designation because it has proven to the SBA that it has the knowledge and skills required to perform within its various loan programs. First Choice Bank utilizes these various loan programs to provide much needed capital to assist businesses to grow and expand. While there are numerous programs within the SBA, First Choice Bank specializes in three main programs that are outlined below. In each case the programs offer competitive rates, longer terms and in the case of a real estate purchase, higher leverage than some conventional products.
Our staff is well trained to offer you the highest quality service in a quick time frame to meet your needs. No two businesses are the same, and we recognize the need for individualized service. Your application will be handled in strict confidence and your loan tailored to the needs of your business.
Uses of Loan Proceeds
- Commercial Real Estate Purchase or Refinance
- Construction and Leasehold Improvements
- Machinery and Equipment
- Business Acquisition
- Working Capital and Inventory
- Debt restructuring (subject to SBA guidelines)
- Startup Companies (subject to specific qualifications)
SBA 7a Loan Program
The SBA 7a loan program is the SBA's flagship program for providing financial assistance to small businesses. The program has great latitude in loan structure, terms and conditions. SBA has specific guidelines in terms of eligibility that need to be followed, but most businesses will be eligible. Real estate purchases require the owner operator to occupy a minimum 51% of the property, and title can be taken in another entity to assist with the business owner's tax situation.
SBA Express Loan Program
The SBA Express program features an accelerated turnaround time for SBA review.
SBA 504 Loan Program
The SBA 504 program is designed for the purchase of real estate and large equipment for use in the business. In this program, there is a blend of the customer's injection, a loan from First Choice Bank and a long-term loan provided by the SBA. The SBA portion is facilitated through an intermediary known as the Certified Development Company, which is licensed through the SBA.
Call today to speak with our skilled SBA professionals to assist you with your SBA loan request.
Please contact Tom Vasquez, SBA Sales Manager, for more information: 951-302-4504.