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News

First National Bank Revitalizes SBA 7(a) Loan Program

FOR IMMEDIATE RELEASE
 
June 1, 2016
Contact: Reid Sharp, First National Bank President/CEO
512-581-4400        
                         

Bastrop County, TX – A strong leader in lending, First National Bank of Bastrop continues to serve its small business community banking needs by expanding its SBA 7(a) loan program.

“The U.S. Small Business Administration has been supporting small business owners in the United States since its inception in 1953. Its lead program, the SBA 7(a) government-guaranteed loan program, is one that has evolved into a very efficient and consistent loan approval process” said First National Bank Loan Officer Ruben Cardona. 

The SBA 7(a) loan program gives small business owners the ability to get financing not otherwise available through conventional bank loans.  Benefits to the borrower may include lower down payments, longer repayment terms, and more flexibility.

SBA 7(a) loan proceeds can be used for a variety of business expenses, including, but not limited to:

  • Leasehold Improvements
  • Working Capital
  • Start-ups
  • Business Acquisition
  • Small Business Real Estate

The SBA 7(a) loan program has generated economic stimulus, including job growth, and has evolved into an indirect loan program whereby the small business loan recipient receives loan funds from banks, instead of receiving loan funds directly from the government.  The U.S. Government typically guarantees 75% of the loan amount against loss for the participating lender in good standing with the SBA.   All loan applications are subject to credit approval.  Certain restrictions apply.

For more information on how an SBA 7(a) loan can help your business, contact us at 512-321-2561 and ask to speak with either Ruben Cardona or your loan officer.

Established in 1889, First National Bank of Bastrop has total assets of over $496 million and serves Bastrop County with locations in Bastrop, Elgin, Smithville, and Cedar Creek. 


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