If you're looking to grow your current business, you're in the right place.
Your business is ready to expand, and obtaining an acquisition or expansion loan can help you do just that. Whether you're looking to purchase more inventory, open a new location, launch a new product, or hire more staff, FirstBank can help you get there.
Customer Testimonial
"FirstBank is monumental in getting us started."
Pardip Singh | Desert Hospitality Group, Co-owner
What is the Difference Between a Business Acquisition Loan and a Business Expansion Loan?
Business Acquisition Loan
A Business Acquisition Loan typically is used to purchase an existing business and often combines a variety of collateral, such as inventory, fixed assets, working capital, or real estate. Some Business Acquisition Loans can also be unsecured.
Business Expansion Loan
A Business Expansion Loan is used to reinvest in your own company by opening another location, hiring more staff, or a variety of other reasons that require funding to fuel growth.
Which Types of Business Acquisition or Expansion Loans Does FirstBank Offer?
We offer a variety of loan types for your business acquisition or expansion and we're happy to discuss your options with you.
Term Loan
A term or installment loan is probably what you're thinking of when you imagine a typical business loan. A term loan will usually have a fixed interest rate and predictable monthly payments, although variable-rate term loans are also available. This is the most common loan type for acquisitions and expansions.
SBA 7(A) Loan
We work with the Small Business Administration on SBA 7(a) loans. This type of loan allows small business owners to borrow up to $5 million to use for equipment purchases, working capital, and even basic startup costs.
SBA 504 Loan
We also work with the Small Business Administration to provide SBA 504 loans. These loans are typically used to acquire or improve real estate for your business.
Equipment Financing
In some cases, an Equipment Loan might be a better fit, even if you are acquiring a business. If the majority of the purchase price of the business you're acquiring is based on the value of the equipment being transferred, an Equipment Loan might make more sense. Learn more about Equipment Loans.
What Do I Need to Consider When Applying?
We look at a variety of both personal and business financial statements when underwriting a loan. The most common items we'll need are tax returns, internal financial statements, outstanding debt information, and your personal credit score. You may be asked to provide more information depending on your circumstances.
I Still Have Questions.
That's what we're here for - to help your business grow and become even more successful. We're happy to discuss the details of Acquisition or Expansion Loans or other ways to assist your business. Contact a loan officer today at businesslending@efirstbank.com, click on the Get Started button above and we'll contact you, or call us: