In our previous article, we walked you through the vital updates that need to be understood about your PPP loan in order to reap the full benefits and forgiveness. In Part II of this series, we reveal what’s next for business owners who are ready to get back on track and start growing their businesses again.
Beyond PPP: retaining financial support
PPP loans extended a lifeline to organizations hit the hardest by COVID-19. As a result, many small and mid-sized businesses owners are now able to begin ramping up operations and increasing inventory to meet post-pandemic consumer demands. For many, this may require additional financial assistance.
That’s where the U.S. Small Business Association comes in. For a significant number of borrowers, PPP loans served as an introduction to the SBA, which is backed by the U.S. government and has been supporting the growth of small and middle-market businesses for nearly 70 years.
Depending on your organization’s goals, whether it’s stability you’re after or if you’re ready to expand, there are several SBA loans that may be of interest.
The best SBA lending opportunities for small businesses in Illinois, Wisconsin, Florida and beyond
- SBA Express
Loan amount: $500,000 (maximum)
Ideal candidates: small to midsize businesses that are profitable or demonstrate growth potential
Loan goals: cover the expenses of growth and provide for working capital needs - Contract CAPLine
Loan amount: between $500,000 and $5,000,000
Ideal candidates: small to midsize service businesses, contractors, or manufacturers with contracts or large purchase orders
Loan goals: cover the cost of materials and labor associated with assignable contracts or purchase orders - SBA 504 Loan
Loan amount: unlimited, 2nd mortgage limited to $5,000,0000
Ideal candidates: profitable businesses with large capital expenditures
Loan goals: cover the costs associated with long-term expansion or modernization - Economic Injury Disaster Loan (EIDL) (Direct from SBA)
Loan amount: $500,000 (maximum)
Ideal candidates: organizations operating within an area where an official state of emergency has been declared
Loan goals: provide emergency funding to help support small businesses through economic crisis or natural disaster
First American Bank: a trusted SBA lending partner
As a federally insured preferred SBA lender, First American Bank possesses the highest level of lending authority issued by the federal government. That’s why we were trusted to deliver over 3,750 PPP loans in just the last year—providing businesses around the country with forgivable loans totaling close to $550 million.
First American Bank is also among just 20 banks nationally that possess preferred-lending-program (PLP) status in all the SBA 7(a) loan programs, and was recently voted in the top ten lenders. The result? Our organization serves as an excellent resource for business owners who are looking to get their business back on its feet. With an in-house underwriting and approval process and a team of dedicated, knowledgeable SBA lending officers, securing a loan has never been easier.
