SBA Loans
Commercial Loans

We have a variety of loan options to assist you in expanding your production capacity, adding inventory, managing cash flow, etc.

Loans through the Small Business Administration 7(A) Program are available at the Bank of Elmwood. To be eligible, a business must be an owner operated, for profit, going concern. The firm must demonstrate an inability to acquire financial reserves needed elsewhere. The applicant should be in sound financial condition with the equal ability to manage and operate the business. Loans are made based on existing lender policies, terms and rates. The business applicant has the advantage of possibly obtaining a longer term loan and the ability to secure financing beyond local lender policies. Uses of funds include:

Working capital
Inventory
Leasehold improvements
Building (including new construction)
Land

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Revolving Line of Credit

Generally used for short-term working capital needs

Short Term Loan

Used for specific need
Term of one year or less

Conventional Loan

Amortized up to 20 years for the purchase of real estate and 10 years for the purchase of equipment
Fixed or variable interest rates available
Payment automatically deducted from checking

SBA and other government loans

504 loans
7A loans
WHEDA loans
RCEDC loans

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