Rich Lerew
r.lerew@firstbankbaldwin.comSVP/Business Banker
NMLS ID# 914412
Employee since 2013
Favorite Candy: Mike and Ike
business woman using laptop during a meeting
SVP/Business Banker
NMLS ID# 914412
Employee since 2013
Favorite Candy: Mike and Ike
VP/Commercial Loan Officer
NMLS ID# 914411
Employee since 2011
Favorite Hobby: Horseback riding
The SBA 7(a) loan is the most commonly used SBA business loan guarantee program. The 7(a) guarantee program can be used for equipment financing, permanent working capital, acquisitions, expansions, and eligible debt refinances.
The SBA 504 loan program offers long-term fixed rate options for the financing of major fixed assets such as land, buildings, leasehold improvements, fixtures, and equipment. First Bank of Baldwin works with local community development companies (CDC’s) to ensure an effective and efficient process. The typical structure of a 504 loan package includes a first mortgage for 50% of the project, an SBA second mortgage for 40% of the project, with as little as 10% down required from your business.
A form of the 7(a) program, SBA Express loans provide funding for working capital and inventory. This program is designed to be a streamlined process with reduced documentation. This program is ideal for revolving line of credit needs. The program allows for loans up to $350,000 with terms up to seven years.
Letters of Credit are often needed to facilitate payments between vendors, suppliers, and customers. When your business needs to provide support for payments to vendors and other providers, First Bank of Baldwin offers commercial and standby letters of credit to help facilitate these transactions.
Whether your company plans to purchase new land and buildings, complete leasehold improvements, construct new facilities, or refinance existing debt, First Bank of Baldwin can work with you to customize a real estate loan program.
Every business has its own timetable and capital requirements to take advantage of opportunities that enable growth. Whether you’re looking to purchase long-term assets or expand your company through acquisition activities, our team of lending professionals has the expertise to understand your business and how best to provide access to the funds your company needs for success.
Whether you’re running an emerging growth company, a seasonal business, or simply need help smoothing out your cash flow cycles, you can look to First Bank of Baldwin for access to the funds you need, with a working capital loan.