SBA (Small Business Administration)

As one of the major Iowa credit union lenders for SBA Loans, Community 1^st Credit Union can help your small business start, expand and succeed. Whether your business is large or small, C1^st will guide you through the application process with knowledgeable lenders who understand your business and goals. C1^st also offers a number of other products and services for small businesses, guaranteed to beat the competition. Give us a try, we dare you to compare us with the others.
 

What do I need to apply?

• Business plan
• Personal financial statements
• Business financial statements (if already a business)
• Collateral available to secure the loan
• Assumptions used in your projected earnings statements
• Management resumes of those involved in operating the business
• Pro-forma balance sheet showing what the business would look like if the loan were granted.

Maximum Loan Amount

• $2,000,000

Percent of Guaranty

• Maximum guaranty of 90%

Use of Proceeds

• Expansion/renovation
• New construction
• Purchase land or buildings
• Purchase equipment, fixtures, leasehold improvements
• Working capital
• Refinance debt for compelling reasons
• Seasonal line of credit
• Inventory

Maturity

• Working Capital, Machinery & Equipment (not to exceed life of equipment):  5-10 years
• Real Estate and Construction:  up to 25 years

Who Qualifies?

• Must be For-Profit Business
• Must meet SBA size standards
• Must show good character, credit management, and ability to repay

Helpful FREE Resources

• SCORE  (Provides counseling and training to small businesses):
  • www.score.org
  • Phone: 319.362.6405, ext. 2005 (Cedar Rapids Office)
  • Phone: 641.683.5127 (Ottumwa Office)
  • Phone: 515.284.4760 (Des Moines Office)
• Small Business Development Center (Provides assistance with business plan development): 
  • www.iowasbdc.org
  • Phone: 515.294.2030

The SBA Loan program is known for it’s flexibility in loan structure, variety of loan proceed uses and availability. It has broad eligibility requirements and credit criteria to accommodate a wide range of financing needs. For more information or to apply for a SBA Loan, contact one of our Business/Agriculture Loan Officers today.