Understanding Small Business Loans
Plumas Bank understands that you often need money to make money. The right lending option can make all the difference for small business owners! You may be wondering how to get a small business loan. At Plumas Bank, our expert loan officers create custom business loan packages tailored especially for you and your business and they can walk you through the loan application process. Whether you’re just starting out or are a professional looking to expand, a small business loan from Plumas Bank can give you the stability you need to plan for tomorrow.
CONTACT A COMMERCIAL LOAN OFFICER
TYPES OF LOANS FOR SMALL BUSINESS
We offer a variety of loans for all your small business needs: commercial real estate loans, agricultural (ag) loans, Small Business Administration (SBA) loans, business lines of credit, equipment loans and Business Exxpress loans. Whether you need cash to obtain vital equipment or build your inventory, or a line of credit to ensure your employees are paid on time, our loan officers will listen to your needs and structure the perfect lending solution with various financing options to achieve your goals.
When your operation needs financing for livestock, crops, agricultural land, buildings, or equipment, contact a Plumas Bank ag lender. Many of our lenders grew up in the agricultural industry and have generational farms, ranches, or orchards of their own, so they understand your ag needs. Our ag team can build a custom-tailored loan just for you, and they will work hard to help your business grow and succeed.
Small Business Administration (SBA)
Looking to start a new business or expand your existing one? Interested in buying new equipment, commercial real estate or financing working capital? Plumas Bank has Preferred Lender status with the United States Small Business Administration (SBA). Let our award-winning SBA team find the right lending solution to help your business succeed! Plumas Bank processes several SBA loans:
- 7 (A) loans up to $5 million
- 504 loans up to $9 million
- Conventional loans up to $6 million.
Business Line of Credit
A business line of credit is for business clients who need to speed up cash flow and support short-term financing for operational expenses like supplies, payroll or increasing inventory. A business line of credit is flexible and can provide your business with working capital when needed. It’s especially useful for seasonal companies or if your business is growing quickly and you need money to pay for the expenses.
A Business Line of Credit from Plumas Bank is similar to a credit card in that you can borrow up to a certain limit and pay interest only on the portion of money that you borrow. You can then draw and repay funds as you wish, as long as you don't exceed your credit limit.
There are many benefits to using a Business Line of Credit
• A Plumas Bank business line of credit provides you with greater control of your capital because it allows you to reinvest in your business. You can tap into funds when you need it most. This can be crucial for meeting goals and ultimately growing your company.
• A business line of credit also allows for more flexible repayment options, making it simpler to navigate the expected ups and downs of business cycles. You can pay off a higher percentage of the balance when profits are up, and you can pay off the minimum required when revenue is down.
• A business line of credit can help you establish a good credit score. By making payments on time and keeping a low balance, you will develop a positive credit history. Let one of our experienced loan officers develop a custom-tailored loan solution designed to help you succeed!
Construction Loans for Small Businesses
A construction loan for a small business is used to cover the costs of building an office space or structure. Once the funds from the construction loan have been used and the structure has been built, the loans will be converted or refinanced into a standard, long-term loan.
A small business construction loan is typically a short-term loan. Funds are typically available for a year or so while construction is being completed. After that, the loan will need to be converted into a different type of loan or paid off by other means.
To be approved for a construction loan with Plumas Bank, a business owner will go through the usual process of proving creditworthiness and the ability to repay the loan, and we will also ask you to share detailed plans for the project, including cost estimates.
May we suggest that you start having conversations with our Plumas Bank lending professionals before you begin the planning process. This way you can get a good idea of how much you’ll likely be able to borrow.
Once you’ve got your plan and your loan approval, and you’re preparing to break ground, your builder will receive the first disbursement of the funds.
With construction loans, the money isn’t given to you in one large, lump sum. Instead, the builder receives a series of disbursements called “draws.” Whenever your builder requests a new draw for the next stage of work, an inspector will come to the site and check out the progress on behalf of the lender.
Plumas Bank offers equipment lending to buy business equipment. If you have the need to purchase, replace, repair, or upgrade various kinds of equipment to process, manufacture, or produce your product, Plumas Bank can help!
More About our Equipment Lending
Professional Service Loans
Plumas Bank has the right tools to help your professional practice thrive. We understand the needs and concerns of professionals and we offer expert banking services to attorneys, doctors and veterinarians, advertising agencies, accounting and insurance offices, and more. In addition, Plumas Bank has expertise in banking Homeowners’ Associations (HOA) and Agricultural businesses.
QUALIFY FOR A SMALL BUSINESS LOAN WITH PLUMAS BANK
Applying for a small business loan with Plumas Bank can be a great option for small business owners. Because Plumas Bank is an independent, locally managed community bank, loan decisions are made quickly by experienced loan officers who are familiar with local economic and social conditions. Small business loans are made for a wide variety of purposes and on many different terms. Whether you’re just starting to grow your business, or you need cash to obtain equipment or build your inventory, or a line of credit for cash flow to ensure your employees are paid on time, our knowledgeable loan officers will listen to your needs and tailor the right lending solution to achieve your goals. A small business loan from Plumas Bank can give you the stability you need to plan for tomorrow.
You may wonder how to get a small business loan from Plumas Bank. We believe the loan process can be made easier and more personal by contacting you directly. We welcome the opportunity to discuss your goals with a direct phone call or sit down face-to-face and discuss any and all business loan options available to you.
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