Borrowing
The SBA program parameters are complex and prone to frequent change, you want a lender that can expertly navigate programs; one who can partner with you in choosing the best program to meet your small business needs.
1st Source Bank is accredited by the SBA as part of their Preferred Lender Program (PLP). Our status as a preferred lender allows us to make decisions on nearly all loan applications in-house as opposed to going through the SBA first. This competitive advantage equates to quicker turnaround times than non-PLP lenders.
Subject to SBA Rules and credit approval
The proceeds may be used for a variety of purposes, including starting or expanding a business, purchasing equipment, and working capital.
SBA loans generally offer longer repayment terms. That can equal lower monthly payments and more cash for your business needs.
The SBA limits the interest rate that a lender can charge you on an SBA loan. Rate limits vary by SBA product type and loan amount.
For SBA loans with a maturity less than 15 years there are no pre-payment penalties. For SBA loans with a maturity of 15 years or longer, SBA limits the pre-payment penalty to the first 3 years of the loan.
The SBA prohibits balloon or demand note structures on amortizing loans.
1st Source Bank has been recognized for the following SBA awards:
Success Stories
"Neil Miller and the other banking associates were very helpful. I highly recommend them."
Success Stories
"Jamie Bankert is top-notch! She was so helpful from start to finish."
Success Stories
"Andrea Ehresman and 1st Source were fantastic! Very professional and helpful. And, the loan was approved in less than 24 hours! Highly recommend!!"
Success Stories
"Lisa was very professional and very prompt in taking care of our needs. Thank you so much!"
