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The Types of Commercial Loans Available to Businesses

The information provided below does not, and is not intended to, constitute legal advice. All information, content, and materials available on this page are for general informational purposes only.

 

Because the financial requirements of businesses can vary widely, the lending specialists at Customers Bank offer an array of loan options designed to address each client’s unique needs. Our team is committed to providing comprehensive financial support for all your business endeavors, whether they involve improving productivity, expanding your facilities, securing real estate, constructing new properties, or simply refinancing a previous loan. To help you learn more about the types of commercial loans available to businesses from Customers Bank, we’ve compiled a list below. If you’d like to speak with one of our Team Members about any of these options, fill out our online form below.

Business Term Loans

Business term loans have long been the classic small business financing option. These funds can be used to fill almost any need, from expanding operations or hiring new employees to purchasing equipment or making capital improvements. Clients with a Customers Bank small business checking account can also arrange automatic payments.

Business Lines of Credit

A business line of credit from Customers Bank can supply the funding you need to supplement working capital, purchase new equipment or inventory, finance accounts receivable, or address unexpected costs without having to commit to a long-term loan. Automatic payment options are available for clients with a Customers Bank small business checking account.

Construction Lines of Credit

Construction projects are notorious for their unpredictability, but with a construction line of credit from Customers Bank, you can cover any sudden expenses and keep your project on track.

Government Guaranteed Loans

As a Preferred Lender with the SBA, Customers Bank is proud to offer clients loans through government programs; read more below.

SBA 7(a) Standard Loans

The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. SBA 7(a) loans are available in amounts of up to $5 million, depending on the industry and type of loan.

SBA Express Loans

The traditional SBA 7(a) Loan can be for as much as $5 million, but there is a full application process with complete documentation, review by a loan committee, and other steps that can take weeks to complete. The SBA Express program features an accelerated turnaround time for SBA review. Because the review is quicker, the maximum loan amounts are lower and the interest payments are higher.

The SBA Express Loan limit has been increased from $350,000 to $1 million through 12/31/2020.

SBA 504 Loans

An SBA 504 loan offers long-term, fixed-rate financing needed that can be used to expand or update business operations. The advantages of these loans are significant; for instance, small businesses can receive up to 90% financing for their project through a 504 loan, and the longer amortizations and fixed interest rates give borrowers more breathing room while helping them save money overall. However, these loans also come with restrictions on how the funds may be used.

USDA Business & Industry Loans

Financing offered through the U.S. Department of Agriculture’s Business & Industry Guaranteed Loan Program is intended to benefit projects in rural communities. Depending on how the funds are used, loans are available in amounts of up to $25 million, with terms as long as 30 years. Loans may be secured to finance business improvements, land development, equipment acquisition, debt refinancing, and other general needs, though there are a few exceptions.

Contact Customers Bank for Flexible Commercial Lending Options

Whether your business venture is just beginning or already successful and looking to expand, the team of professional lenders at Customers Bank has the financial solutions you require. Fill out the form below to connect with a lending specialist and learn how Customers Bank can meet the present and future needs of your business.

 

All products and services are subject to approval.