LocationsSmall Business Administration (SBA) Loans
Frequently Asked Questions
Q: What are the advantages of a SBA loan?
A: The SBA loan program provides two key advantages:
- Long-Term amortizing loans
- Minimal equity requirements
Q: Why should I choose 1st Constitution Bank for a SBA loan?
A: 1st Constitution Bank is a participant in the SBA Preferred Lender Program. Our SBA department makes credit decision on behalf of the SBA. You receive faster decisions, shorter turnaround time and quicker access to proceeds.
Q: What is an SBA 7(a) loan?
A: A SBA loan provides financing for various purposes for your small business under guarantee of the U.S. Small Business Administration (SBA), a federal agency created to provide financial assistance for small businesses.
Q: For what purpose can I use an SBA 7(a) loan?
A: An SBA 7(a) loan can be used for various purposes such as: business real estate purchase, business acquisition, equipment purchase, refinance, construction and working capital.
Q: What is an SBA 504 loan?
A: With an SBA 504 Loan business owners receive up to 90% financing for the purchase, construction and renovation of owner-occupied real estate or for purchasing machinery and equipment.
Q: What are the benefits of an SBA 504 loan?
A: The following are some of the benefits of an SBA 504 loan:
- Fixed and variable rates available
- Up to 90% real estate financing
- Loan amounts up to $12,000,000
Q: How can I obtain more information about SBA loans?
A: Contact Steve Seong, VP & SBA Manager by phone at (201) 244-9300 ext. 5561 by email at sseong@1stconstitution.com .
News & Events
Press Releases
May
1st Constitution Bancorp Reports a 13.6% Increase In Net Income
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Jan
1st Constitution Bancorp Reports Strong Fourth Quarter and Annual Results
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