As a business owner, you depend on exceptional service from suppliers, vendors, accountants and others. At First Bank, we'd like to be among those who contribute to your success. We offer customized lending solutions to businesses of all types throughout MO, IL, and CA, and you work with a single point of contact from application to close.
- Business Term Loan amounts from $10,000 to $1 million.
- Choose loan repayment terms up to five years with longer terms available.
- Structure your business loan for multiple advances.
- Value and age determine the required asset collateral.
- Choose from variable or fixed interest rates.
- Value and age of collateral determine the loan-to-value.
Common Business Term Loan Uses
- New or used equipment
- Permanent working capital
- Tenant improvements
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.