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 your application, you will be contacted by a 1st State Bank Business Lender within one business day.
Complete business loan applications will be reviewed for approval typically 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.