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Business Lending

First State Financial provides the financial resources and tools you need to help grow your business. Our loans, mortgages, and lines of credit can help you purchase equipment, expand facilities, finance space, and more. For more information, please contact your local branch office.

Commercial Mortgage Loans

We offer financing for the purchase of commercial real estate such as office buildings, shopping centers, warehouses, and apartment complexes. Many flexible payment terms are available to meet the unique needs of your business.

Business Mortgage Originators

Equipment Loans

First State Financial is available to assist you in the purchase of your business equipment. For example:
• Heavy machinery and equipment
• New and used construction equipment
• Medical equipment
• Furniture, fixtures, and leasehold improvements
• Technology updates
• Vehicles and vehicle fleets

Business Line of Credit

During the life of your business, there may be times when you need extra capital to finance growth, remain competitive, meet a seasonal expenditure or pay operating expenses during a business lull. A business line of credit offers your business financial flexibility by providing immediate access to credit when you need it most.

 

Frequently Asked Questions and Answers


What are the interest rates?
Interest rates cover a broad range depending on the type of loan and specific  information provided by the applicant.  They also are impacted by market conditions over time, so specific rates are not quoted here.  Both variable (floating) rate loans and fixed (locked) rate loans are available.  Please contact a lender to discuss specific rates.

Do you need collateral?
Most loans required some type of collateral, although it may not be necessary for applicants who qualify for non-collateral loans.  A lender can assess your situation and determine if collateral is required or not.  Some common types of collateral are vehicle liens, mortgages on houses, or liens on business equipment.

Can you obtain a loan if you don’t have any credit?
Yes, it is possible to obtain a loan without having any established credit, but this is not common.  If the applicant is qualified in all other regards, special requirements may apply, such as requiring a qualified co-borrower, or using a deposit account at the bank as collateral.

How do I apply for a loan?
You can come into any of our offices and submit an application with a lender in person.  Lending officers are located at any branch office.

What do you need to apply for a loan?
The minimum you need to complete an application is copies of paystubs/W-2’s (or tax returns for self-employed individuals), a list of current debts owed (creditor’s name, balance, and payment amount), and general information about any possible collateral.  More information may be requested depending on the type of loan for which you apply.

What about co-signers?
Co-signers, also known as co-borrowers, are typically necessary when an otherwise qualified applicant has no established credit record.  Co-borrowers must meet the same qualifications as the applicant.  Co-borrowers are equally responsible for complete repayment of the loan along with the applicant.

What if my credit is bad or I’ve had a bankruptcy?
You should still come into an office and speak with a lender.  Often your credit may not be as bad as you think.  There are occasionally legitimate ways that the risks indicated by a poor credit history or bankruptcy filing can be mitigated.  For instance, a lien against a deposit account held at the bank could provide enough collateral to offset a poor credit history.

What happens if my payment is late?
We understand that real life circumstances arise that might prevent your payment from being made on time.  For that reason, we allow a 10 day “grace” period following your due date.  If you pay during these 10 days, no penalties or fees are assessed.  After 10 days, late payments become part of your credit history and may be reported to national credit reporting agencies.  Your lender and other bank officials will contact you to get your payments back on track as quickly as possible.

 

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