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SBA Loans
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  4. Business Loans
  5. SBA Loans

SBA Loans

See here for information on the Paycheck Protection Program Loan >
 

Starting or expanding your business?
An SBA loan may be for you.

We are a certified SBA Preferred Lender.Look to 1st Source for the kind of help we’ve provided hundreds of businesses just like yours.

1st Source SBA Specialists are known for helping more business owners secure their loans quickly and with less hassle. As a certified Preferred Small Business Administration Lender*, we know how to navigate the application process and recommend the right option for you.

SBA Awards

  • Indiana SBA Community Lender 'Gold Level Award' recipient 2013-2019
  • Named 2019 'Rural Lender of the Year' by Indiana SBA

Want to know more? Go ahead! Click on either of the buttons below and we’ll get back to you WITHIN ONE BUSINESS DAY OR SOONER!

I'M READY TO GET STARTED    TALK TO AN SBA EXPERT
... more  

Understanding SBA Loans

Small businesses are the backbone of the American economy. To that end, the federal government created the Small Business Administration in 1953 to assist and advance the interests of small businesses.

The SBA works by ensuring access to capital for eligible small businesses by partnering with a large network of financial institutions – including 1st Source Bank - to facilitate lending.

To obtain funding for your business through an SBA loan, you must apply with a participating financial institution . . . like 1st Source Bank.

Improved Access to Credit
Many businesses face challenges in obtaining capital from time to time. Often, the guaranty that an SBA loan carries with it is enough to approve a loan that may otherwise be deemed “too risky” under conventional standards. For a conventional business loan to be approved, it must typically meet the lender’s own internal credit policies. These policies differ from lender to lender, but they generally cover such matters as:
  • Collateral
    Many lenders seek adequate collateral that could be liquidated if necessary at some point in the future.
  • Industry Risk
    Lenders may vary as to which industries they are more comfortable lending to based on their tolerance for risk.
  • Start-up Businesses
    Start-ups are generally considered to be higher risk because there’s no historical information to support their viability; the lender is basing its decision solely on projections and assumptions.
  • Adequate Owner Investment or Cash Injection
    Many lenders' credit policies have guidelines that require certain amounts of owner investment, which helps ensure that the owner is equally as committed to the transaction.
  • Purpose of Loan
    Businesses sometimes have a true cash need (such as leasehold improvements) that generally have no collateral value to a lender.
  • Business Acquisitions
    Lending for a business acquisition may not fit into standards set by many credit policies either. The reason differs from one acquisition to another, but generally it is related to one of the reasons already mentioned.

An SBA guaranty is often the solution to all of these concerns!

Contact Us about an SBA Loan  Start Your Application
... more  

The SBA Loan Advantage

There are many benefits of an SBA loan over a conventional business loan. Here are just a few:
  • Extended repayment terms
    SBA loans offer repayment terms generally longer than a conventional business loan. That can equal lower monthly payments and more cash for your business needs!
  • Interest rate caps
    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, but they are generally considered very favorable. A 1st Source SBA Specialist can assist you with determining the SBA interest rate limits prior to your loan application.
  • Avoid pre-payment penalties
    The SBA limits pre-payment penalties and, in many cases, disallows them altogether. Conventional business loans often come with some form of pre-payment penalty. SBA loans, on the other hand, limit pre-payment penalties to the first 3 years for loans that have a maturity at 15 years or more. For SBA loans that have a maturity less than 15 years there are NO pre-payment penalties with 1st Source Bank!
  • No balloon payments or demand notes
    The SBA ONLY allows balloons to exist in association with working capital lines of credit, and prohibits them with any term loan utilizing an SBA guaranty. The SBA also sets standards for how troubled loans are handled, which provides some protection to the borrower.

    A demand note allows the lender to issue a maturity at any time during the loan. These types of loans are generally issued for the same reasons as balloon options are issued and can have similar consequences to the borrower. A loan with an SBA guaranty prohibits demand notes, adding one more level of protection and predictability.
  • Contact Us about an SBA Loan  Start Your Application
... more  

The 1st Source Advantage

You need a banker who keeps your best interests in mind and provides straight talk and sound advice.
  • Because the SBA program parameters are complex and prone to frequent change, you want a lender that can expertly navigate programs; one who can choose the best program to meet your small business needs.
  • You need a banker who keeps your best interests in mind and provides you straight talk and sound advice.
  • SBA preferred lenders like 1st Source Bank have a high level of experience and positive track record of facilitating the SBA’s specialized programs.
  • Many lenders are required to submit SBA loans to the Small Business Administration for a second underwriting. Our status as a preferred lender allows nearly all of our loan applications to bypass that step, which translates into faster turnaround time on loan decisions. In fact, our SBA loan process typically takes no more than two business days longer than a conventional business loan.
Contact Us about an SBA Loan  Start Your Application

*Approved to offer SBA loan products under SBA’s [Preferred Lender/Express; Lender/Certified; or Lender/Microloan] programs.

SBA Loans Help
What is the approval process?
A number of factors go into approving an SBA loan. 1st Source has certain credit policies in place that need to be met. But in the case of an SBA loan, some of those requirements are relaxed. We still need to ensure that we are meeting all SBA credit and eligibility requirements, but your SBA Relationship Specialist is trained to guide you through the process and advocate on your behalf.
Tagged under:
  • FAQ Business Help
  • 1st Source Bank FAQ Loans Help
  • FAQ Business Loans Help
  • SBA Loans Help
How does the application process work?
Whether you prefer to apply online, over the phone or in person, we make your application experience as convenient and hassle-free as possible. It is often best to discuss your specific needs with an SBA Relationship Specialist when getting started so they can understand all of your needs and offer the best guidance. You can connect with one any way you like, by email, online chat or phone.
Tagged under:
  • FAQ Business Help
  • 1st Source Bank FAQ Loans Help
  • FAQ Business Loans Help
  • SBA Loans Help
Is collateral required?
Because the SBA guaranty programs are designed to assist small businesses with gaining access to financing when it might not otherwise be available, this is one area that the SBA can be very flexible on. The collateral required depends on the specific SBA loan program and both the amount and purpose of your loan. Most often, only collateral that is available to be pledged will be required for the loan approval.
Tagged under:
  • FAQ Business Help
  • 1st Source Bank FAQ Loans Help
  • FAQ Business Loans Help
  • SBA Loans Help
If I have poor personal credit history, will that prevent me from getting an SBA loan?
It depends. The credit history of the business owner(s) is one of many factors taken into consideration in the underwriting process. It is an important one, however, as both we and the SBA must be reasonably assured that the loan can be repaid. In the event a low personal credit score results in your loan not being approved this time, your SBA Relationship Specialist often can provide you the steps to take to make the necessary improvements to ensure a positive outcome the next time around.
Tagged under:
  • FAQ Business Help
  • 1st Source Bank FAQ Loans Help
  • FAQ Business Loans Help
  • SBA Loans Help
How long before I can access my funds?
The turnaround time varies depending on a few variables, such as the loan amount, the recommended SBA program type and purpose of the loan. Because we are a preferred provider, the SBA process adds only about two additional days to our standard process for conventional loans. So basically, as soon as we get the necessary information from you, we move your application on to the next level as soon as possible.
Tagged under:
  • FAQ Business Help
  • 1st Source Bank FAQ Loans Help
  • FAQ Business Loans Help
  • SBA Loans Help
More SBA Loans Help
Related Topics
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  • SBA Loans
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Testimonials
"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

"Neil Miller and the other banking associates were very helpful. I highly recommend them."
- Richard M. Judd, Jr., President
Judd Lumber - Dowagiac, MI

"Jamie Bankert is top-notch! She was so helpful from start to finish."
- Taber Olinger, Owner
Fancy & Staple, LLC - Fort Wayne, IN

"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

"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

"Eric Drogosch was awesome, always going above and beyond. I couldn't have asked for a better facilitator. He should get a raise!"
- Tracy Wright
Wright Insurance Services - Kalamazoo, MI
Growing My Business
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