From taxes to amortization, businesses handle a multitude of complex financial matters. At First Bank, we simplify financing to prioritize growth for your MO, IL, or CA business. Consider First Bank's Simple Business Loan. We work with you to understand your business's specific financial needs and future goals. We then structure financing to work to your advantage and guide you through the loan process with a single point of contact from application to close.
- Borrow between $10,000 to $100,000.
- Choose from fixed-rate and variable-rate business loans.
- Structure your Simple Business Loan repayment terms up to five years, with seven-year terms using the SBA Loan Program.
- Opt for multiple advances from your loan, paying interest only on the funds you have drawn from the loan to date.
- Value and age of your collateral assets determine loan-to-value.
Common Simple Business Loan Uses
- Permanent working capital
- New or used equipment
- Tenant improvements
- New or used business vehicles
Frequently Asked Questions
Collateral requirements vary by loan request. The value and age of collateral help determine loan-to-value considerations. Depending on the financing purpose, equipment, vehicles, or other eligible business assets may be considered as collateral.
A First Bank representative can explain what collateral, if any, may be required for your proposed loan.
A First Bank representative can explain what collateral, if any, may be required for your proposed loan.
Multiple advances may allow an approved borrower to draw funds from the loan as needed, rather than receiving the entire loan amount in one disbursement. Availability depends on the final loan structure, approved purpose, documentation, and First Bank’s current product requirements.
Ask your First Bank representative whether multiple advances are available for your request.
Ask your First Bank representative whether multiple advances are available for your request.
Loan-to-value compares the loan amount with the value of the collateral securing the loan. For example, the financing available for a business vehicle or equipment purchase may be affected by the asset’s current value, age, condition, and the bank’s loan-to-value requirements.