First Resource Bank has been approved as a Small Business Administration (SBA) lender qualified to offer loans under the SBA 7(a) loan program.
This approval means that small business owners who may not qualify for funds through conventional commercial loan products, will now have another loan resource designed specifically for their unique needs.
The SBA 7(a) loan program was developed to help small businesses secure funds for working capital, equipment, real estate acquisitions, anticipated start up costs and other items necessary for business success.
For small businesses that do not qualify for a conventional loan due to a collateral shortfall, or for businesses that need a longer loan term, the SBA 7(a) loan program provides an alternative.
According to First Resource Bank CEO and President Glenn Marshall, “Small businesses are the heart of the Chester Countytowns and communities served by First Resource Bank. We already work with many small business owners through our Exton branch, and will soon be opening a West Chester branch. Both towns are hubs of small business entrepreneurship. By offering the SBA 7(a) loans, we are now better able to support business owners as they work to establish, expand and grow their enterprises.”
First Resource Bank business banking experts can help business owners create a solid financial framework for achieving their business goals. Business plans, cash flow and profit forecasts, and other factors will be reviewed, and recommendations will be made for the best funding strategies.
“From an individual purchasing a franchise, to a designer starting a boutique, a contractor purchasing new equipment, or someone starting a manufacturing business, we understand the challenges that entrepreneurs face,” notes Marshall. “Our focus is on supporting the unique needs of business owners with a variety of loan products, flexible banking options and highly personal services.”
For First Resource Bank, approval as an SBA lender adds to the bank’s credibility and strength as it pursues its own plan for growth and expansion. The bank is broadening its footprint in central Chester County in response to steady increases in customers in both the personal and business banking areas. The bank is currently renovating and expanding a former bank site in Exton with plans to relocate the First Resource Bank Exton branch to the new site in early 2014. First Resource Bank has also purchased a location for a new branch in West Chester, with an expected opening in September of 2014.