Business Loans

First Harrison Bank is proud to be an SBA lender. SBA loans could potentially have more flexible terms that might suit your business needs. SBA loans give business owners the chance to obtain lending with far more options than a conventional business loan. SBA loans mean lower payments and better cash flow, as well as less money down and perhaps little or no collateral. Plus, they can be used by startups, medical practices, construction companies, and anything else you can imagine. Let's look at two popular types of SBA loans:

7(a)

• Good for business acquisitions, buy-outs, land, buildings, equipment, fixtures, inventory, and refinancing of loans used for any of these things.
  
• Maturity: 5-10 years for working capital and equipment, 25 years for real estate
  
• Variable or fixed rate

504

• Good for owner-occupied commercial real estate, construction of owner-occupied commercial real estate, acquiring major equipment or machinery.
  
• Maturity: 10-25 year term
  
• Fixed rate

With competitive interest rates and flexible repayment terms, you can choose a plan that suits your business's cash flow and financial planning. You can boost your working capital, invest in growth, manage debt efficiently, and preserve ownership of your business. 

A business term loan can be a versatile financial tool for various purposes. Here are some common ways businesses can use a term loan:

• Expanding Operations: If your business is growing, and you need to open a new location, hire additional staff, or increase production capacity, a term loan can provide the necessary funds to support this expansion.
• Purchasing Equipment: Whether you need new machinery, technology, or vehicles, a term loan can help you acquire the equipment essential for your business operations without depleting your cash reserves.
• Managing Cash Flow: Seasonal businesses or those with fluctuating cash flow can use a term loan to cover operating expenses during slower periods, ensuring smooth operations year-round.
• Renovating or Upgrading Facilities: If your business premises need a facelift, or you want to upgrade your facilities to improve efficiency and customer experience, a term loan can finance these improvements.
• Inventory Purchase: For businesses that need to stock up on inventory, especially before peak seasons, a term loan can provide the capital to purchase large quantities of goods, ensuring you meet customer demand.

By leveraging a business term loan, you can address immediate financial needs while positioning your business for long-term success.

If you’re in need of short-term working capital, or you have a seasonal business, a line of credit could be for you. Lines of credit are renewable annually. Lines of credit may be attached to a checking account for overdraft protection and easy cash flow management. Unlike a term loan, a line of credit provides you with access to funds as needed, giving you the flexibility to borrow and repay on your terms.

Key Features:

• Revolving Credit: Access funds up to your credit limit, repay, and borrow again as needed.
• Interest Only on What You Use: Pay interest only on the amount you draw, not the entire credit limit.
• Flexible Repayment Options: Choose repayment terms that align with your business's cash flow.

Benefits:

• Manage Cash Flow: Cover day-to-day expenses, payroll, and unexpected costs without disrupting your operations.
• Seize Opportunities: Have funds readily available to take advantage of new business opportunities or bulk purchase discounts.
• Build Business Credit: Regular use and timely repayment can help build your business's credit profile.

We offer tailored financing solutions for commercial real estate and construction projects. Whether you're looking to purchase, refinance, or develop commercial properties, our lending options provide the capital you need to bring your vision to life.

With competitive rates and flexible terms, you can choose a loan structure that aligns with your project's timeline and financial goals. Our team of commercial real estate and construction lending specialists are here to support you through every phase of your project, offering expert guidance and customized solutions.

We have several credit card options available for business customers. See our dedicated Credit Cards page for more information.

Credit Cards