First United Bank

Let us find the funding to fit your business’ needs.

 

You're ready to grow your business, but you need the capital to make it happen. We are a Preferred Lending Partner with SBA offering government-backed funding to support the success of small businesses. Whether you are looking for an SBA Loan or a USDA Loan, we have solutions to fit your growing business’s needs. Benefits include longer terms and amortization, lower equity injection or down payment, and lower collateral requirements. Our experienced team will work with you to structure an SBA financing package that will enable you and your business to meet the challenges and achieve your path to success.

Explore SBA Loan Solutions2

  • SBA 7(a) Program

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    A 7(a) loan can assist small businesses by providing funding for the following purposes, with a maximum loan amount of $5 million:

    • Working Capital
    • Refinance Existing Debt1
    • Real Estate Purchase, Remodel, or Construction (owner occupied)
    • Machinery & Equipment, Furniture & Fixtures, Inventory
    • Business Acquisition, Partner Buyout, Buying in to an existing company
    • Expand existing operations
    • Start-up a new business

    Through September 30, 2024, there is no SBA Guaranty Fee on loan $1 million or less.

    Guaranty Fee paid by First United Bank for loans originated in Oklahoma to businesses operating in Oklahoma.

    Loans of $500,000 or less have simplified processing, with no SBA Guaranty Fee.

    Up to 25-year term for loans used primarily toward real estate purposes; 10-year term for other purposes. Blended terms may be available for mixed purpose loans. Personal Guaranties required from owners of 20% or more, additional guaranties may be required. All assets of the business or its principals are required until the loan is fully secured. SBA Loans must be made to for-profit entities.

  • SBA 504 Program

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    The 504 Program can assist growing small businesses with long-term, fixed-rate financing for purchasing, constructing, or refinancing real estate or other long term use assets. The 504 program may be used for projects that exceed 7(a) limits, typically up to $20 million.

    An SBA 504 project consists of three parts:

    • A down payment of at least 10% of the total project cost (additional 5% required for new construction and startup or newly acquired entities),
    • A 2nd lien loan from the Certified Development Company (CDC) covering up to 40% of the total project cost, and
    • A 1st lien loan from First United Bank covering at least 50% of the project cost.

    Rates on the 2nd lien loan will be fixed at a low rate for the entire term of the loan. The maximum loan term for loans used primarily toward real estate is 25 years and for loans used primarily toward machinery and equipment the maximum term is 10 years.

  • USDA Business and Industry Loans

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    If your loan does not fit the qualifications for SBA, United States Department of Agriculture (USDA) financing may be a great option for you. These loans allow for non-profit financing, non-owner-occupied real estate, and loans that exceed SBA’s maximum loan amount. This loan type must be secured by hard assets as collateral and personal guarantees must be provided to total the loan amount. Your project must be located in an eligible area, designated as rural.

Let us know how we can help meet your business needs.

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SBA Success Stories

  • SBA 7(a) Loan Customers

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    RV and Mini-warehouse

    Expansion/New Construction Project

    Included the second phase construction of new units after financing the original facility’s construction. $1,494,00 100% financing using existing real estate equity, 20 year term with 12 months interest only period for construction period.

    Automotive Repair

    Expansion For 2nd Location

    Included the construction of a new facility, purchase of equipment and working capital. $874,000, 25 year amortization, 15% equity.

    Business Acquisition

    Parts Business

    Partner buyout of existing long time business with debt refinance1 and working capital. $923,000, 10 year amortization using partner’s existing equity.

  • SBA 504 Loan Customers

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    New Assisted Living and Memory Care Facility

    New Construction

    Covered ground up construction of a new facility, including construction hard and soft costs, furniture and equipment. $7,950,200 with a $4,968,700 first lien and $2,981,500 2nd lien. First lien 10 year term with 25 year amortization with a 24 month interest only for construction period and 20% equity injection.

    Full Service Restaurant

    Business Expansion 4th Location

    Included the construction of a new facility, debt refinance1 and purchase off FF&E. $2,214,000 with a $1,230,000 1st lien and a $984,000 2nd lien. First lien on a 20 year fully amortization with additional 12 months interest only period during construction. 10% equity injection.

Looking for more Small Business Solutions? We have you covered.    

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Is an SBA Loan right for me?

Ask Yourself

  • Do you want to purchase real estate or equipment rather than lease?
  • Would you like to expand your current facilities / business operations?
  • Do you have a need to refinance existing debt1 on better terms?
  • Are you considering a partner buy-out or business acquisition?
  • Could your business benefit from an infusion of much needed working capital?
  • Are you starting up a new business venture or franchise?

If you checked off on any of these questions, then SBA might be a great option for your business needs. 

Benefits

  • Lower down payments / equity injection
  • Lower injection helps preserve needed working capital especially in start up businesses.
  • Longer finance terms allows for a lower monthly payment.
  • Fully amortizing loans with no balloon payments
  • Competitive rates
  • PLP Lender allows for faster approvals from the SBA

If any of these benefits meet your business needs, then an SBA loan might be the right choice for you. 

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  1. Debt refinancing is the replacement of an existing debt(s) by means of another debt with more favorable terms and/or conditions. Consult with a qualified Loan Officer for more details.
  2. All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. The term, amount, interest rate and repayment schedule for your loan, and any product features, including interest rate locks, may vary depending on your creditworthiness and on the type, amount and collateral for your loan.