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Commercial Real Estate Loans

Finance the right space for your venture. We can help with competitive rates and terms tailored to you.

KEY FEATURES

  • Competitive Rates
  • Local Processing
  • Quick Decisions
Benefits
  • Competitive rates for the purchase, refinance, or construction of commercial properties
  • Available for owner-occupied or investment properties
  • Repayment terms customized to fit your business’s unique needs
  • Lending professionals with working knowledge of the local real estate market
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish

We specialize in 1-4 family commercial real estate loans (for properties such as duplexes). Please inquire for more information.

Construction Loans

If you’ve outgrown your business’s current facilities (and want to build something to better suit your needs), we can provide a construction loan to cover the costs associated with building your new facility. Once work is completed, that loan can be converted into a permanent mortgage.

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Business Term Loans

Whether you’re growing or just starting out, we’re here to help. Finance any business need affordably with Select Bank.

KEY FEATURES

  • Competitive Rates
  • Local Processing
  • Quick Decisions
Benefits
  • Start or build your business with us
  • Competitive rates for a wide range of business expenses:
    • Working capital
    • Equipment
    • Machinery
    • Inventory
    • Facility improvements
    • And more
  • Repayment terms customized to fit your business’s unique needs
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish
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Business Lines of Credit

Remain flexible with ongoing, affordable financing. You’ll only need to get approval once — then funds are available as you need them.

KEY FEATURES

  • Competitive Rates
  • Revolving Credit
  • Local Processing
  • Quick Decisions
Benefits
  • Ongoing credit for a variety of business needs
  • Competitive rates for a wide range of long-term or seasonal business needs:
    • Equipment
    • Seasonal fluctuations
    • Inventory
    • Capitalize on trade discounts
    • Working capital
    • And more
  • Provides greater financial flexibility
  • Repayment customized based on your business’s unique needs
  • Funds available right as you need them; apply once then use again as needed thereafter
  • Revolving credit — as principal is repaid, more becomes available for use
  • Only pay interest on the part that’s used*
  • Local decision-making and processing
  • Attentive, friendly service from start to finish

Request Info

 

*Consult a tax advisor.

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Small Business Loans

Whether it’s a brewery, music venue, or anything else — we’re here to help your small business thrive. Get financing up to $250,000.1

KEY FEATURES

  • Competitive Rates
  • Local Processing
  • Quick Decisions
Benefits
  • Finance any small business need
  • Term loans and lines of credit available
  • Borrow from $2,000 up to $250,0001
  • 3 to 36 month terms, no pre-payment penalties
  • Affordable interest rates2
  • Receive loan offer with no credit impact
  • Borrowers can apply in minutes, receive a pre-approval decision in hours, and funds are typically deposited
  • the next business day after credit approval
  • Local decision-making and processing
  • Attentive, friendly service from start to finish

The products and services related to small business loans listed below are provided by StreetShares, Inc. or its affiliates, not Select Bank.

1This is not an offer of credit/ applications subject to individual credit approval in StreetShares’ discretion; standard terms and conditions apply; rates and amounts may vary; various factors impact rates, amounts, and duration of funding available, including credit approval and prior history of loans with StreetShares.

2“Affordable interest rates” refers to StreetShares’ interest rates and fees when compared to the interest rates and fees charged by other online leaders.

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Unsecured Small Business Loans

No collateral? No worries. Cover your business needs with flexible financing that’s built on a strong relationship.

KEY FEATURES

  • Competitive Rates
  • Local Processing
  • Quick Decisions
Benefits
  • Competitive rates for a wide range of business expenses
  • Secure financing for your business with no collateral
  • Repayment terms customized to meet your demands
  • Good credit required
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish
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Letters of Credit

Let our good name back yours. Our letter will guarantee that your payment will be sent on time and for the agreed-upon amount.

Benefits
  • Provides guarantee on payments of large purchases to third parties
  • Can replace need for costly insurance company performance bond
  • Can also be used to guarantee a service
  • Typically issued for 1-year term or less
  • Terms easily renewed
  • Fee is based on face value amount
  • Interest accrues only if we must make payment to beneficiary on your behalf
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SBA Loans

As a community bank, we’ve partnered with local businesses of varying sizes to provide a multitude of products, services, and support. The loan programs we offer provide many advantages for businesses seeking capital.

Achieve More, Together

We are committed to helping local businesses grow. Our leaders live and work in the communities we serve, and are invested in growing the local economy.


Select Bank SBA Loan Programs

We are proud to provide SBA-backed funding to the businesses in the communities we serve. The Small Business Administration (SBA) serves as the main resource for government-backed business loans. Because a portion of an SBA loan is guaranteed by the government, these loans allow small business owners to obtain capital with less equity than a conventional loan requires.

SBA 7(a) Loan

SBA 7(a) Loan: The SBA 7(a) loan is the most common SBA loan product, offering flexibility on terms and business uses. An SBA 7(a) loan is a good option for acquisitions, partner buyouts, real estate purchases, refinance and more.

Advantages of SBA 7(a)

  • Up to 90% bank financing
  • Fully amortized/no balloons
  • No pre-payment penalty (with term under 15 years)
  • Loan amounts up to $5,000,000
SBA 7(a) Small Loan

SBA 7(a) Small Loan: The SBA 7(a) Small Loan is a new SBA loan product, based on the standard 7a Program. It utilizes a credit scoring model which equates to faster turnaround times than traditional 7a lending. An SBA 7(a) Small loan is a good option for equipment, real estate purchases, long-term working capital & business expansion.

Advantages of SBA 7(a) Small

  • Credit scored product with faster turnaround times
  • Loans up to $500,000
  • Up to 90% bank financing
  • Fully amortized/no balloons
  • No pre-payment penalty (with term under 15 years)
SBA Express Loan

SBA Express Loan: While the eligibility requirements for an Express loan are nearly the same as for the 7(a) loan program, the approved uses of the loan are different. This product is largely used for lines of credit. The lines can be used for to finance receivables, finance inventory, or finance general working capital purposes.

Advantages of SBA Express

  • Lines up to $500,000
  • Lines can be granted with up to a 5 year revolving period
  • At line maturity, the outstanding line balance will be termed out for a term equal to original revolving period.

Get to know Ken, our SBA Loan Officer

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How long have you been in banking? Where were you before Select Bank?

I have been a Banker for over 28 years in both NJ and VA. I have worked in the SBA arena for 15 years. Before coming to Select Bank, I worked in the Lynchburg area as a community banker, with a focus on small business lending for the last 8 years.

What’s it like being involved in community banking?

Working for a Community Bank is ideal for small business lender. The decisions are made locally for our clients, not sent a state or two away to a corporate office where the applicant’s loan request does not receive the attention it deserves. Working for a Community Bank allows me to get to know the clients and help the communities we serve.

What do you love about working with small businesses?

Small businesses are so important to our local economy as well as our national economy. I love having the opportunity to work with small business owners who are looking to achieve their piece of the “American Dream.” For me, to see their businesses grow and prosper is truly a privilege.

What advice do you have for business owners thinking about getting an SBA loan?

My advice to business owners regarding obtaining an SBA loan is to do your homework and find a lender/ loan officer you feel comfortable with. SBA loans have many nuances and regulations that a seasoned SBA lender can help guide you through. A business needs to be proactive with documentation and any issues that arise during the process. The more proactive a business owner is, the faster the loan can be approved, closed, and your business receive the capital it needs for the project at hand.

Subject to SBA eligibility requirements and both Select Bank & SBA credit approval. Terms and conditions may apply.

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Paycheck Protection Program

We are proud to have helped over 600 small businesses with $73 Million in Paycheck Protection Program Loans, which positively impacted 11,000 jobs in 2020.

We process forgiveness applications through our automated forgiveness application platform and send a secure link to begin the process.  If you have come to the end of your covered period and have used all of your PPP funds, please email us at sbappp@myselectbank.com to begin the process. Please do not hesitate to contact us at sbappp@myselectbank.com with any questions or concerns.

PPP Resources: