Get up to $5 million with this SBA Preferred Lender.
First Home Bank is a regional bank based in Florida. It offers a wide range of business financing, including government-guaranteed Small Business Administration (SBA) loans. But it doesn’t have much of a website, and you can’t apply online — your best bet is to call or visit a branch if you’re interested in working with this lender
|Product Name||First Home Bank SBA Standard 7(a) Loans|
|Loan Term||7 to 25 months|
|Requirements||First Home Bank doesn’t advertise specific eligibility requirements for its business loans. But you’ll need to be in a state where First Home Bank issues loans.|
First Home Bank doesn’t advertise specific eligibility requirements for its business loans. But you’ll need to be in a state where First Home Bank issues loans.
First, do I qualify?
First Home Bank doesn’t advertise specific eligibility requirements for its business loans. But you’ll need to be in a state where First Home Bank issues loans:
- New Jersey
- New York
You’ll also have to meet the standard requirements set by the Small Business Administration (SBA) if you want to apply for a government-backed loan. First Home Bank may have additional eligibility requirements.
What makes First Home Bank business loans unique?
First Home Bank can be a great source for government business loan programs. It’s a member of the SBA Preferred Lender Program (PLP), which means it has the authority to underwrite, process and issue SBA loans itself, rather than going through the government. This often translates into a faster, more streamlined borrowing process than you might get with other SBA lenders.
The SBA only grants lenders preferred lender status after they have a track record showing they understand the policies and procedures of this government-backed program. And First Home Bank has experience with a wide range of SBA loans, including 7(a), 504 and International Trade Loans. It also offers financing through the US Department of Agriculture Business and Industry (USDA B&I) Loan Program.
- SBA Preferred Lender means a more streamlined application
- Offers SBA 7(a), 504, International Trade and USDA B&I Loans
- Small banks have a higher approval rate
- Little information available online
- Potentially long turnaround time
- Customer service wouldn’t disclose information about rates or terms over the phone