Small Loan Program

 

The Small Loan Program is a streamlined application and approval process for business customers seeking financing up to $250,000, and whose business is located in Saginaw, Bay or Midland counties.  The Small Loan Program financing options include the following:

 

Business Term Loan

  • Financing up to $250,000
  • Funds generally used for the purchase of fixed assets (e.g., machinery/equipment, vehicles, real estate) and building improvements/expansions
  • Regular payments of principal and interest until loan maturity or payoff
  • Fixed or variable interest rate
  • Amortization terms up to 10 years for equipment and 20 years for real estate
  • Business buy/sell financing options available
  • Prepayment penalties may apply
  • Automatic payment from your 1st State Bank business checking account

 

Business Line of Credit

  • Financing up to $150,000
  • Funds generally used for short-term cash flow needs to cover operational expenses like payroll, accounts receivable, inventory or seasonal costs
  • Regular payments of interest with principal reductions at the discretion of the borrower
  • Variable rates of interest tied to Wall Street Journal Prime Rate
  • Interest only due when Line of Credit carries a balance
  • Automatic payment from your 1st State Bank business checking account

 

To apply for a loan, please complete and submit the fillable and secure online Business Loan Application form.

Upon receipt of a complete loan application, loan decisions are generally within 2-3 business days.

For assistance or questions, please contact us at Small Loan Program E-Mail

For your convenience, please use our Amortizing Loan Calculator to estimate your monthly payment.

 

If you are a current 1st State Bank business customer, we encourage you to reach out to your existing business lender. If you are not a current 1st State Bank business customer and prefer to speak with a banker, reach out to any one of our experienced Business Lenders or Branch Managers.