BUSINESS LOAN PRODUCTS
Lines of Credit:
Revolving line of credit enables you to repay and re-borrow up to the maximum amount of the line of credit (Used for business operations or working capital)
Non-revolving line of credit allows the borrower access to funds up to a predetermined amount borrowed on multiple dates.
Short Term Purchase or refinance new or used equipmentPurchase inventorySeasonal loansAccounts receivable financing
Long Term Loans Purchase of existing commercial real estateExpansion or improving existing businessConstruction of new commercial buildingRefinancing existing commercial real estateDevelopment loans
Letters of credit
Offered to qualified borrowers to guarantee payments to a third party over a specified period of time.
Small Business Administration Loans:
SBA 504 Loan
Provides businesses with long term, fixed-rate financing for major fixed assets, such as land and building. At least 10% is contributed by the borrower
SBA 7A Loan
Provides funds to existing or new businesses for almost any legitimate business purpose including the purchase of land, construction, machinery, equipment, inventory, and working capital
SBA Express Loan
Provides funds up to $350,000.00 exclusively for business-related purposes such as (equipment purchases, working capital, improvement purchase, purchase inventory, working capital, leasehold improvements, land purchase, construct building, etc….)
The State Bank of Faribault believes the strength and economic health of our community is tied directly to the financial strength of local businesses. As your banking partner we will commit every viable resource to supporting your business through our experience, our products and our services. Our goal is to help growth in your business by personalized lending solutions to fit your business.