Paycheck Protection Program
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. The SBA is currently accepting PPP loans until May 31, 2021 or until funds are no longer available.
Over the last 12 months, First Bank has processed 1,029 Paycheck Protection Program applications! Our Business Bankers work closely with the Small Business Administration to make sure you are receiving the maximum benefit for your business.
First Bank is proud to play a role in helping local business owners reach their dreams. We offer loans specifically designed for commercial and agricultural customers including real estate loans, operating line-of-credits, and inventory financing. We are also able to assist customers with special loan programs offered by the State of Iowa and the Small Business Administration.
Our business bankers are here to customize a business loan to fit your specific needs.
- Operating and working capital loans secured by inventory and accounts receivable
- Machinery and Equipment loans
- Real Estate Loans
- Floor Plan Loans
- Economic Development loans
- SBA and USDA B&I Guaranteed Loans
Lines of Credit
- Finance Seasonal Cash Flows
- Flexible borrowing arrangement for short-term funds
- Gap financing while arranging a loan
- Pre-determined amount which allows you to borrow as needed.
- Reserve Checking - a simpler line of credit linked to your business checking account
- Designed for intermediate term borrowing needs of 1-7 years
- Repayment based on your company's cash flow and the life of the asset
- Used to finance permanent assets such as equipment, machinery, computers, and trucks or trailers
- Expand or remodel existing facilities
- Purchase of new property or business
- Investment property
- Repayment schedules based on 15-20 year amortizations
- Provides the short-term financing needed to complete a project
- Terms of 3-18 months
- Interest charged only on funds in use
- Interest-only payments during construction
Small Business Administration
The Small Business Administration offers several programs for beginning entrepreneurs to seasoned business owners. First Bank's business bankers have a strong relationship with the SBA and will be able to assist you in finding a program that your business can benefit from.
- 7(a) Loans - A group of SBA loans which guarantee portions of the total amount, cap interest rates, and limit fees.
- 504 Fixed Rate - Long-term, fixed-rate financing to purchase or repair real estate, equipment, machinery or other assets.
- Micro Loans - The smallest loan program at the SBA, providing $50,000 or less to help businesses start up and expand.
Learn more about SBA Loans