| Business Term Loans
What are Business Term Loans?
INNOVATIVE BANK's lending professionals take the time to understand your business needs.
We can help you choose the financing options that will help you reach your long-term goals. Terms and conditions are established on a case-by-case basis.
Term Loan
INNOVATIVE BANK offers term loans for a variety of needs with repayment terms of up to 7 years.
- Working capital
- Equipment, machinery, or inventory purchases
- Business acquisitions (Business Purchase Loan)
- Renovate facilities
- Refinance existing debts (business related)
Terms and conditions are established on a case-by-case basis.
Contact your nearest INNOVATIVE BANK branch for further details and application requirements.
Commercial Real Estate Loan
INNOVATIVE Bank offers fixed & variable rate of acquisition or refinance of commercial and multi-family properties.
Commercial Line of Credit
What are Business Lines of Credit?
A line of credit is designed to supplement your cash flow and allow you to take advantage of new opportunities.
Whether your company is a corporation or a sole proprietorship, INNOVATIVE BANK can structure a line of credit to meet your needs.
Depending on the leverage, asset quality, and type of industry, specialized products such as Asset Based Lending, Factoring Line of Credit, Flooring Line of Credit, and others can be tailored to meet your needs. Terms and conditions are established on a case-by-case basis.
Furthermore, INNOVATIVE BANK offers Professional Line of Credit or specially structured lines of credit for working professionals such as doctors, lawyers, Professional Corporations, LLPs, or other professional firms for their ongoing financing needs.
Line of credit
INNOVATIVE BANK offers lines of credit for a variety of short-term needs with a term of 1 year or less.
- Working capital
- Account receivable and inventory financing
- Other purposes related to business operations
Terms and conditions are established on a case-by-case basis.
Contact our nearest INNOVATIVE BANK branch for further details and application requirements.
Construction Loan
Innovative Bank offers a construction-to-permanent financing to build a new home, office, or investment properties – taking you from groundbreaking to completion in one easy step.
SBA-7A
Amount
Loans are from $150,001 to currently a maximum of $2,000,000
Uses
| For any business use, including: |
Terms (fully amortized) |
| Working Capital |
minimum of 7 years |
| Purchase Inventory |
minimum of 7 years |
| Debt Repayment |
minimum of 7 years |
| Start a New Business (including Franchises) |
up to 10 years |
| Purchase Equipment |
minimum of 10 years |
| Purchase an Existing Business |
up to 10 years |
| Building/Leasehold Improvements |
minimum of 10 years |
| Purchase or Constructing a Building |
up to 25 years (prepayment penalty for the first 3 years) |
Financing
Up to 90% financing on real estate construction, purchase or refinance.
Interest rates are variable rate loans that are tied to Wall Street Journal Prime.
INNOVATIVE BANK offers the most competitive rates allowed under the program.
INNOVATIVE BANK is a PREFERRED LENDER (PLP) with the SBA
NATIONWIDE.
SBA 504 PROGRAM
Amount
For most projects, a maximum of $4,000,000
Uses
Purchase or Constructing a Building
Term
Fully amortized for 20 years (prepayment penalty for the first 10 years)
Financing
50% = INNOVATIVE BANK - 1st Mortgage
40% = SBA 504 Loan (Certified Development Company) - 2nd Mortgage
10% = Minimum down payment
Interest Rate
The INNOVATIVE BANK loan carries market rates and may be structured as a FIXED or VARIABLE rate loan.
The SBA 504 Loans are FIXED RATES.
Please call us for more information.
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