Small Loan Program

 

The Small Loan Program is a streamlined application and approval process for new and existing 1st State Bank business customers seeking financing $250,000 and under, and whom are located in Saginaw, Bay or Midland county.  The Small Loan Program financing options include the following:

 

Business Term Loan

  • Financing up to $250,000
  • Loan 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
  • 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
  • Loan 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 the fillable Loan Application form and Personal Financial Statement

 

Please submit the completed Loan Application and Personal Financial Statement forms to Jesse Kendall, Business Lender, at  E-Mail

 

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

 

If you are a current or prospective 1st State Bank business customer, we encourage you to reach out to your existing business lender, or any one of our experienced Business Lenders or Branch Managers