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Financing to Expand Your Business

One of the most gratifying feelings as a business owner is realizing when it's time to take your business to the next level. Whether that means expanding your physical footprint with a new building, increasing the size of your current one, or purchasing land for business development, there are numerous Commercial Lending options to scale your business for tomorrow's demand.

What is Commercial Lending:

Commercial Lending is a borrowing relationship where a financial institution extends credit to a business at a set interest rate. There are multiple types of commercial loans, allowing you to explore the option best for your unique business needs. Keep reading to explore common loan types.

Commercial Real Estate Loans:

A commercial real estate or CRE loan, is a mortgage received with conditions on a commercial property. This loan is generally made to companies that own and operate commercial real estate. When you apply for this loan, the lender will look at multiple numbers: credit score, net worth, experience, income, and liquidity and with that information, they form their decision. When looking for lenders to work with for a CRE loan, it is necessary to check for competitive rates, customer-first service, and identifying a lender with borrowing solutions for unique situations. Banks such as First National Bank LI make sure to include all of these necessities to best service business financing needs.

Equipment Loans:

When investing in your company or product, you may want to purchase additional equipment to expand operations or optimize performance. Equipment loans help to reduce the stress of up-front costs, with lenders giving you money to purchase your equipment to be paid back in increments. Once you buy equipment, it is yours from day one. However, it acts as collateral for the loan. To be qualified for an equipment loan, a lender will look at your business history and credit score to decide on the appropriate financing limit for your company. When looking for an equipment loan, look for lenders that work with you to find a repayment structure that works for your business, along with a bank or lender that will make your business term loan their priority.

Business Lines of Credit:

A business line of credit is a type of revolving loan with similar characteristics to a credit card. A business can withdraw funds when needed if the credit limit is not exceeded; interest will then accumulate on the money used. To qualify for a business line of credit, lenders will look at your credit report, bank account and financial history to make a decision on your credit limit. The application process consists of deciding how much funding you need, gathering the required documentation, and filling out an application. Look for a Bank that will help set up automatic payments to minimize your interest potential, along with a loan servicing department that will assist with repayment efforts.

Want to Learn More:

Let First National Bank LI help you take your business to the next level. Access our decision-makers and explore customer-first service to handle all your business banking needs. When you Go First, you go further.