Commercial Loans

First Federal Bank will work with you to find a loan that is tailored to your business.  Our loans and lines of credit are designed to give you the flexibility you need as a business owner.  Whether you are looking to start a business, expand, purchase more inventory or just manage cash flow, we guarantee we can help.

Loan products are subject to credit approval and involve interest and other costs. Please ask about details on fees and terms and conditions of these products. Relevant insurance coverage, if applicable, will be required on collateral.

Small Business Administration (SBA) Loan Programs

7a Loans

• Finance commercial real estate, renovations, acquisitions, start-ups; purchase a franchise or for operational expenses such as inventory or debt
• Loan guarantee up to 80%
• Longer repayment terms and lower down payments
• Loan amounts up to $5,000,000
• Terms can be up to 25 years depending upon the request

504

• For businesses that wish to finance larger projects such as land or real estate, heavy equipment or major renovations
• Applicable to new and existing businesses, expansions or acquisitions
• Long term, fixed financing – 10% required by the borrower; 50% by First Federal Bank and 40% by a community development corporation
• Up to 20-year terms

Express

• Used to finance business acquisitions, franchise purchase, working capital and/or equipment
• May be a term loan or line of credit
• Loan amounts may not exceed $350,000
• Credit decisions are made by the bank rather than the SBA

Credit Cards  

• Pay for daily expenses without tying up working capital
• Available for unexpected opportunities and expenses