When it comes to high-interest debt, small and mid-sized businesses face a number of challenges: lofty payments, strained cash flow, and reduced asset values, among others. It’s a familiar reality for Small Business Administration (SBA) borrowers—many of whom received SBA term loans at or near the maximum allowable interest rate.
Fortunately, there’s relief. Due to recent SBA rule changes, First American Bank can easily refinance high-interest SBA loans. If a new lender can provide enough savings to the borrower’s monthly payments moving forward and the loan has been current for at least the last twelve months, the subject SBA loan is eligible for refinancing.
The benefits of refinancing
Refinancing comes with an obvious perk: lower rates. But beyond reduced payments, what other advantages can borrowers capitalize on?
With First American Bank’s refinancing experts, you also get:
- Flexibility. Refinance any 7(a) product — whether loan proceeds were used for everyday working capital, equipment financing, commercial real estate, change of ownership/business acquisitions – to name a few. We also welcome borrowers with multiple loans.
- Savings on your loan. Borrowers can enjoy monthly savings of 10% or more, barring any changes to the original loan’s collateral. Overcollateralized loans may even qualify for a collateral reduction.
- Additional financing. Need extra financing? We offer a full suite of products, including separate lines of credit and term loans for those new capital-intensive projects.
At First American Bank, relationships come first
When it comes to scaling a business, the right partnerships go a long way. You’re more than an account number to us—we nurture close client relationships and find ways to help you grow. When you’re ready to finance the next era of your business, we can pave the way forward, no matter where you are in your growth journey. With decades of expertise, tailored solutions, and a relationship-driven approach, our team fuels the future of your business—complete with a winning refinancing strategy.
