Commercial Loans
Providing your business with financial services is only part of what we do. After tailoring a financial package specific to your business needs, you continue to receive support with our expertise and experience.
Commercial Real Estate Loans
Whether you seek funding for an apartment, office, hotel, industrial building, or retail property loan, our commercial loan specialists can custom-tailor a financing plan that best meets your needs. Benefit from our flexible financing options that include competitive rates, low monthly payments, and long amortizations.
Commercial Construction Financing
Construction financing provides you with additional funds to modernize your existing facility or build a new one from the ground up. Whether you own your own building and need an addition, or you have out grown your current space and need more room to expand, we can help.
Equipment Financing
An emerging business may require long term assets to support its growth and profitability. Technology continues to evolve and provides opportunities for further efficiencies. We can provide you with the solution to meet the fixed asset needs of your organization.
Commercial Letters of Credit
International trade continues to grow, and Letters of Credit are used to support payments to overseas vendors. Letters of Credit are also used in the Land Development process to insure public improvements are built in accordance with municipal standards. We provide import/export, commercial, and standby Letters of Credit.
Small Business Administration (SBA)
Small Business Administration loans are a great tool for businesses that are not eligible for conventional business lending or need additional credit enhancement. Summit Community bankers have extensive experience in SBA lending and offer the following SBA programs. Contact one of our commercial lenders to shepherd you through the process.
Visit www.sba.gov for more information.
This Program provides an SBA guarantee for as much as 50% of the loan balance up to a maximum dollar amount of $350,000. Revolving lines of credit have terms up to 3 years and term loans up to 5 years.
The 7(A) Program provides an SBA guarantee for up to 85% on loan amounts of $150,000 or less and 75% guarantee on loan amounts of $150,000 or more. The SBA loan guarantee can not exceed $5,000,000. Terms for working capital loan are up to 7 years, equipment loans up to 10 years, and real estate loans up to 25 years.
The SBA 504 term loan program offers borrowers long term fixed rate financing at attractive rates on the SBA's portion (40% of balance) of the loan. Usually used to purchase land, buildings, and equipment, this is an attractive program for borrowers who prefer to preserve their cash, rather than inject a traditional down payment.
Lines of Credit
Fund seasonal changes in inventory and receivables, take advantage of vendor discounts, or meet unexpected cash needs with a Summit Community Bank Line of Credit. You'll have cash available when you need it and avoid costly overdraft charges with a Line of Credit tied to your business checking account. We offer revolving and non-revolving lines of credit:
A revolving line of credit lets your business borrow, repay, and borrow again up to the original amount committed by Summit Community Bank throughout the life of the loan.
A non-revolving line of credit lets your business borrow an amount either in a lump sum or an amount disbursed over a period of time. Each time repayment is made, credit availability reduces by that amount.
Term Loans
Use a term loan to finance equipment, a change in ownership, a new business acquisition, or other long-term needs. Term loans are a lump-sum disbursement with payback over a specified period of time. It's important to structure a term loan so that debt repayment matches your business cash flow. Consider your existing debt repayment obligations as well as potential needs that you may have over the course of your loan before determining the term.
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