First Bank is pleased to announce it has been granted Preferred Lender Status by the U.S. Small Business Administration (SBA), the highest bank designation reserved for top-tier lenders. The Preferred Lender status provides First Bank with the authority to process, close, service and liquidate most SBA-guaranteed loans without prior review to provide faster financing to businesses in southeast Illinois and southwest Indiana.
Our mission as a longstanding community bank is to ensure that our business community is provided with the products and services to help them grow and thrive.
First Bank is honored to be named an SBA Preferred Lender. With a mission to be the best bank for business in the tri-state, this achievement allows us to extend our lending power, removing significant timing and documentation hurdles that can add multiple weeks of closing time onto a transaction. Providing our clients with the ability to achieve their funding goals sooner allows us to also boost business development and economic growth throughout our footprint.
The Preferred Lenders Program (PLP) was created by the SBA to streamline lending procedures and the approval process needed to provide financial assistance to the business community. To earn the designation, lenders must demonstrate proficiency in processing and servicing SBA-guaranteed loans and a thorough understanding of SBA lending procedures and policies.
SBA loans have many key benefits that make them an attractive option for businesses compared to conventional loans, such as:
- Loan amounts from $250,000 to $5 million
- As little as 10% down on commercial real estate
- Flexible disbursement schedules
- Financing for loan closing costs
Business owners can utilize SBA funding for a variety of needs, including:
- Purchasing Owner-Occupied Commercial Real Estate
- Business Expansion or Acquisition
- Franchise Financing
- Partner or Management Buyout
- Financing New Businesses
- Inventory Purchases
- Debt Refinancing
- Working Capital
- Cover Start-up Costs
- Equipment, Machinery, Furniture, etc.
Let's connect
Explore our SBA solutions or start a conversation with one of our SBA lending experts today. We look forward to making great things happen for you and your business.
