Commercial loans are those loans which are needed to fund new or existing legitimate businesses operations.
Businesses may be organized as a sole-proprietorships, partnerships, corporations (both “S” and “C” corps), limited liability companies (LLC) or non-profits. Some examples of commercial loan needs are:
- Start-up capital.
- Cyclical operating capital.
- Land acquisition.
- Building construction/renovation.
- Equipment/inventory/raw materials purchases.
Loan Rates, Terms & Fees
Because each commercial loan client and request is unique, loan rates and terms offered will vary depending on a number of underwriting criteria, including (but not limited to) the type of loan request, collateral to be offered and credit worthiness of the customer. Similarly, fees on commercial loans are determined by type of loan requested and are quoted to the customer upon formal loan approval.
As a service to business clients and agricultural operations, we can also work with the federal government’s Small Business Administration (SBA) and Farm Services Agency (FSA) to seek funding via various federally guaranteed loan programs available at time of application.
*Note: Please take advantage of our easy to use financial calculators for your payment & amortization calculations.
As a general rule, the following information is necessary in order to give each commercial loan request the consideration it deserves:
- Three years of business financial statements and tax returns.
- Three years of personal tax returns (from the business owner and any/all guarantors).
- Current personal financial statement (from the business owner and any/all guarantors).
- Current agricultural financial statement form (if applicable).
- Description of loan requested (amount requested, purpose of loan, and terms desired).
- Signed credit authorization form
Please contact a Shelby State Bank office near you should you have questions or need assistance with a specific commercial loan need.