Business Help
Absolutely. An SBA Relationship Specialist will follow you every step of the way. One will contact you within one business day after you complete the online application, but you can always connect with one at any time by email, live chat or phone.
You do not need to be a current 1st Source customer to apply, but we certainly want to develop a relationship with you once your loan is approved.
It depends on the loan purpose, type of collateral, type of business and the loan amount. Your SBA Relationship Specialist can provide more details.
Before your loan even closes, you will be connected with an SBA Relationship Specialist who will remain your contact throughout the application process and beyond. You will certainly have the option to use online and mobile applications for doing your banking, but you will can always speak with your SBA Relationship Specialist.
Absolutely! We are experienced in financing many types of business acquisitions and are happy to counsel you through the process.
While there are some restrictions, most small- and medium-sized businesses are eligible. A brief discussion with an SBA Relationship Specialist is usually all it takes to clarify your eligibility, but sometimes the full SBA application is required to make sure.
Most small businesses are eligible for SBA loans. However, SBA does have some restrictions regarding non-profit organizations, investment properties or businesses with religious affiliations. There are other restricted business types, so it is best to connect with an SBA Relationship Specialist regarding your specific business type.
Most business needs can be financed with an SBA loan. However, it will be important for you to communicate to your SBA Relationship Specialist how you anticipate to use the loan because that is what will be expected once the draw period begins. In the event there needs to be a change from what was approved, your SBA Relationship Specialist can work with you to obtain approval in a timely fashion.
Yes, depending on the intended use of funds and loan program. The maximum loan amount for most loans is $5 million, but in some cases can be as much as $13 million for certain loan types. Revolving lines of credit have separate limits from $350,000 up to $5 million in some cases. Your SBA Relationship Specialist can assist you with determining the maximums that may apply to your specific situation.
SBA programs are often used for refinancing debt from other institutions. However, SBA has strict rules regarding this issue. It is best to discuss your situation with an SBA Relationship Specialist.
While it's possible, same-institution refinancing can be very difficult to ensure all of the SBA parameters are met. It is best to discuss your situation with an SBA Relationship Specialist.
1st Source Bank will finance loan requests as small as $5,000.
We take your short- and long-term goals and needs into consideration during the underwriting process, and consult with you afterwards. The final structure of your loan will be based on both our internal credit policies and SBA credit and eligibility policies, as well as your needs. Your SBA Relationship Specialist can provide you with a general idea regarding your specific situation.
We certainly do!
The SBA assesses fees based on the program type, amount and term. Occasionally, they may waive these fees. 1st Source may also charge a fee for the loan in addition to closing costs. These fees can most often be "rolled" into the loan and, with the extended terms offered by SBA, the monthly payments are usually still much lower than a conventional loan. The fees are typically assessed only one time and paid at the time of closing, so if you are not approved for a loan or if the loan does not close for another reason, you will not be charged.