Park Bank SBA Lending

Park Bank means Business. That's why we specialize in SBA lending and services specifically designed to be business-friendly. Whether you are planning a start-up or improvements on your existing business, the benefits that Park Bank can offer are many.

History of the SBA

The Small Business Administration was created in 1953 with their mission to "aid, counsel, assist and protect the interests of small business concerns…" As an SBA lender, Park Bank can offer loan programs and resources to local small businesses that aren’t available with non-SBA lenders. Click here to learn more about the history of the SBA.

Park Bank's SBA Loan Programs

SBA (Small Business Administration) loans offer many benefits:

• SBA loans are longer in term than other bank business loans, helping the cash flow of the business by keeping the monthly payment lower.
  • Up to 25 years on real estate
  • 7-10 years on equipment
  • 7-10 years on working capital
• SBA loans combine the use of proceeds of many purposes into one loan resulting in one monthly payment.
• The SBA encourages women, minorities and veterans to apply. Ask us about specific loan options that you may qualify for.

As an SBA lender, Park Bank is able to make business loans to “start-up” and existing businesses. Here is other important information about our SBA loan programs:

• The maximum SBA Guaranteed Loan is $5,000,000.00.
• The minimum Park Bank SBA Loan is approximately $50,000.00.
  (Commercial loans and other options are available for loans under $50,000. Ask us for more details.)
• The average, normal processing time for SBA Guaranteed Loans is 30 to 60 days.
• The normal interest rate on SBA Guaranteed Loans is a variable rate tied to the national Prime Rate. The rate is currently Prime + 2.75%.
• For start up businesses and businesses being purchased, the borrowers normally need to make a down payment of 10% to 20% of the total project cost injected into the business in the form of cash or equipment.
• SBA Guaranteed Loans can be used to purchase real estate, inventory, equipment, for working capital, for the refinance of existing non-SBA debt, or for a variety of other purposes.
• You do NOT have to be turned down by a bank before you can qualify for an SBA Guaranteed Loan.
• An SBA loan must be for business purposes and not investment purposes.

We are proud to have worked with over 100 local small business owners. Contact us to learn how we can help you realize your dreams.