Lakestone Bank & Trust Small Business Loan Program
The Lakestone Bank & Trust Small Business Loan Program was designed to reduce the information requirements for borrowers, facilitate quicker credit decisions and expedite loan closings. Loans are typically used for vehicle purchases, equipment replacement or upgrades, inventory acquisitions, remodeling expense, lease hold improvements, working capital and operation lines of credit.
All loans must be collateralized with machinery, equipment, vehicles or all assets filling. No real estate will be taken as collateral. The maximum loan term for amortizing loans is 60 months and 12 months for lines of credit for borrowers with business aggregate debt at Lakestone Bank & Trust $75,000 or less.
Small Business Administration Loans (SBA)
Lakestone Bank & Trust has partnered with the Small Business Administration (SBA) to offer customers more financing options including SBA 7(a) and 504 loans.
The SBA 7(a) Loan Program is ideal for businesses with less established credit histories looking to borrow up to $5,000,000. Use additional funds from your 7(a) loan to improve cash flow, acquire equipment, purchase real estate and access working capital.
The SBA 504 Loan Program provides long-term financing for economic development within a community. The program is designed to help small businesses requiring or capital equipment & machinery financing. Money borrowed with a SBA 504 loan can be applied to land and building purchases, existing building and lot improvements, new construction, long-term equipment purchases and more.