SBA Guarantee Loans
First Choice Bank has moved forward
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. As an approved "PLP" lender SBA Lender, First Choice Bank has already made a mark ranking as the fourth largest SBA lender in terms of dollars lent as posted by the three county Santa Ana District Office of the SBA. 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.
The SBA department at the bank is led by Gary Youmans who has been lending in this program since 1983. He has been recognized nationally by the SBA for his efforts to assist the small business community. He is supported by a team of experts, each with over twenty years of experience, brought on to put First Choice Bank as a leader of this market in the communities that we serve.
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 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 and can be used for most eligible and legal uses. 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
This program allows a small business to obtain a line of credit for the business that will be termed out after a period of time which allows for a balance between short term and long term needs while serving as a vehicle to assist a business to grow.
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.
SBA Department: 714-634-5131