First Federal Bank offers SBA 7(a) and 504 loan programs to retail, service, wholesale and manufacturing businesses. The programs help businesses maximize working capital and cash flow by offering maximum financing with no balloon payment.

These SBA programs are available to public, for-profit businesses looking for flexible financing terms with no pre-payment penalty and a fast turnaround time.*

504 Program Features

Multi Purpose Loan

Funds can be used for building acquisition or construction, financing machinery, remodeling, expansion and renovations to existing buildings.

Long Repayment Terms Available

Up to 10 years on equipment (based on useful life) and up to 20 years on real-estate.

Large Loan Amounts

Projects up to $12 million.

Low Interest Rates

Below market interest rates when 1st & 2nd mortgages are combined. First Federal finances up to 50% and the SBA finances up to 40%.

Flexible Occupancy usage percentages

51% on space used for existing facilities. 60% on new construction.

7(a) Program Features

Multi Purpose Loan

Funds can be used to start up a business, finance working capital or to purchase a business, inventory, equipment or building.

Long Repayment Terms Available

Terms from 7 to 25 years. Up to 10 years on equipment (based on useful life) and up to 25 years on real-estate.

Large Loan Amounts

You may borrow up to $5 million, depending on the purpose of the loan.

Refinancing available

*Subject to underwriting and approval.