Typically a term loan is used to finance a fixed dollar expenditure such as the purchase of a vehicle or a piece of equipment. The term, or length of time, of the loan is usually determined by the value and depreciation schedule of the asset being purchased as well as other variables.
Business Line of Credit
With ups and downs in cash flow being common in many businesses, a Business Line of Credit is a type of credit line businesses keep open and borrow from when needed, and payback based upon the original agreement. These funds can be utilized for nearly any business needs from working capital to inventory purchases or other short-term cash needs. A Business Line of Credit from United Bank will be customized to the amount and terms that best fit your business situation.
Commercial Real Estate Mortgages & Construction Loans
Businesses typically have facility needs and our commercial real estate mortgages and construction loans are designed specifically for these projects. Business clients utilize United Bank commercial mortgages for buying, significantly renovating, refinancing, or building new commercial properties. Fixed and variable rates are available, and prompt local decision-making keep your facility project on schedule.
Small Business Administration (SBA) Loans
The Small Business Administration of the US Government has a financing program in place in which they offer loan guarantees to small business as a way to encourage local banks to finance business deals. The SBA itself does not make loans. The SBA works with banks such as United Bank and provides the bank with a loan repayment guarantee up to a certain percent. This helps the bank minimize their risk for commercial loans and allows the borrower to access favorable terms and interest rates. SBA loans are generally larger than $250,000 and are often used to buy or expand businesses.
United Bank is an SBA Preferred Lender which means that United Bank customers have more prompt decision-making, faster service, and more favorable rates than working with some other SBA lenders. Learn more here.
Whether you raise cattle or winemaking grapes, United Bank has a loan program tailored to you. Farming operations often require equipment loans, real estate loans, lines of credit, input loans, and other specialized products designed to maximize cash flow over the course of a year. Visit us here to learn more.