Small Business Loans

Do you need funds to expand your business? Let Far East National Bank's professional loan officers help you realize your dreams. Please contact your local Far East National Bank office.

Our SBA Loan Department can provide the following programs to fit your needs:

Long-Term Financing:

1) Use of Proceeds:

• Working capital (5-7 years)
• Real property acquisition (up to 25 years with owner's down payment of at least 10%)
• Machinery & equipment (7 years)
• Business acquisition (7 years with buyer's down payment of at least 30%)
• Leasehold improvements (10 years)
• Construction (permanent + take-out -- 25 years)
• Refinance of existing debt (7 years)
• Refinancing purchase money note (15-20 years)
• Inventory purchase (8 years)

2) Interest Rate:

• Max. of 2.25% over Prime Rate published in the Wall Street Journal for maturities less than 7 years
• Max. of 2.75% over Prime Rate published in the Wall Street Journal for loans with a maturity of 7 years or more

3) Collateral:

• Sufficient assets must be pledged to adequately secure the loan to the extent that they are available

4) SBA Guaranty Fee:

• 2% of the guaranteed portion. (Subject to change by SBA)

Short-Term Line of Credit:

Export Working Capital Program:(maturity under 12 months)

1) Use of Proceeds:

• To finance labor and material for exporting merchandise
• To support stand-by letters of credit used as bid bonds, performance bonds or payment guarantees to foreign buyers

2) Interest Rate:

• Max. of 2.75% over Prime Rate published in the Wall Street Journal for loans over $100,000
• Max. of 3% over Prime Rate published in the Wall Street Journal for loans between $50,000 and $100,000.

3) Collateral:

• Same as Long-Term Financing

4) SBA Guaranty Fee:

• 0.25% of the guaranteed portion plus $100 (under 12 months)
• 2% of the guaranteed portion plus $100 (exceeding 12 months)

Accounts Receivable / Inventory Financing: (up to 80% of eligible A/R and 30% of Inventory)

Builder Financing: (12 months)

• These loans are limited to construction contractors or homebuilders who have been in operation for at least 12 months.

1) Use of Proceeds:

• To finance cyclical, recurring, or other identifiable and legitimate short-term operating capital needs.
• To fund the direct cost for construction or renovation of residential or commercial buildings that will be offered for sale.

2) Interest Rate:

• Similar to Export Working Capital Program.

3) Collateral:

• Funds advanced for this purpose will be secured by not less than a second lien on the real estate being constructed or renovated.

4) SBA Guaranty Fee:

• Similar to Export Working Capital Program.

Conventional Commercial Loans:

• Those individuals/businesses who are not eligible for the above programs may consider our conventional business loans, if qualified. For information on these programs contact your local Far East National Bank office today or our Credit Management Department in Los Angeles (213) 687-1342 or San Francisco (415) 677-8536.