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Borrowing

SBA Loans

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

Apply Now White Right Pointing Arrow
Father and daughter business owners at counter of their coffee bar.
Father and daughter business owners at counter of their coffee bar.

The SBA Loan Advantages:

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:

  • Indiana SBA Community Lender ‘Gold Level Award’ winner 10 straight years (2013-2022)
  • Largest Number of SBA 504 Approvals by the Business Development Corporation South Bend, IN (2020-2021)
  • Largest Dollars of SBA 504 Approvals by the Business Development Corporation South Bend, IN (2020-2021)

Contact us to get started on your SBA loan application

Success Stories

"1st Source Bank gave me an opportunity to go after my dreams, and helped create a better future for my family."

- Aaron Barnes

Barnes Chiropractic - Elkhart, IN

Success Stories

"Neil Miller and the other banking associates were very helpful. I highly recommend them."

- Richard M. Judd, Jr., President

Judd Lumber - Dowagiac, MI

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Success Stories

"Jamie Bankert is top-notch! She was so helpful from start to finish."

- Taber Olinger, Owner

Fancy & Staple, LLC - Fort Wayne, IN

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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!!"

- Anthony Sessions, Owner

Sessions Services Excavating - Woodburn, IN

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Success Stories

"Lisa was very professional and very prompt in taking care of our needs. Thank you so much!"

- Mark M. Schilling, Founder

Schilling I.T. - Valparaiso, IN

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Contact us today

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