First Federal Bank, fsb

To really understand your local business, you need to be one. That's why First Federal Bank is the ideal resource for businesses. We know what you need because we live and work here, too. We share the same goals and concerns, so we can view your business as a complete picture, not just a single service, responding quickly to your needs with local decision-making.
For more information on how First Federal Bank can help you in obtaining a commercial loan, please e-mail one of our Loan Officers at loan@ffbanks.com.

SBA Loans:

Finance Your Growing Small Business with an SBA Guaranteed Loan from First Federal Bank.

Highlights:

	Provide small businesses with working capital
	Purchase business and/or real estate
	Purchase of furniture and fixtures
	Purchase of machinery, equipment and inventory
	Leasehold improvements
	No prepayment penalties

Terms:

	Working capital loan - 5 to 7 years
	Fixed assets loans - 7 to 10 years
	Property improvement loans - 7 to 10 years
	Real estate and construction loans - up to a maximum of 25 years

All loans are fully amortized with no balloon payments.

Collateral:

	First or second mortgage on business real estate
	Security agreement and UCC filing on business assets
	Personal guaranty of major stockholders

Documentation Needed:

First Federal Bank will quickly pre-qualify your loan application and professionally prepare your SBA application to ensure fast turn around time and conformity with SBA guidelines. The following items will be needed to evaluate your loan request.

	Business loan application
	Statement of loan purpose
	History of your business
	Resumes of the principals
	Current company financial statement
	Tax returns for the last three years.
	Current personal financial statements from all major stockholders
	Projections of income, expenses and cash flow for one year

Costs:

	Closing costs are limited to reimbursement of out-of-pocket charges incurred by bank
	One time guarantee fee charged by SBA - from 1.6% to 2.6% of the total amount of the loan
	Minimal loan fee for professionally preparing your loan application

Commercial Loans:

We specialize in business loans to business owners operating in Southeastern South Dakota. From local financial and economic expertise to local management and decision-making, First Federal Bank provides highly responsive service.

Our history is one of investment in our local economy. First Federal Bank provides funding for local development, and we continue to reinvest the communities we serve.

We provide flexible terms to help make it possible for your business to grow. And, above all, we provide a valuable resource the economic growth in Southeastern South Dakota.

Making the Loan Process Work
for You!

As a businessperson, you know that time is money. The more information we have about your business and your financial needs, the better we can serve you. We will help you to focus on:

	Your business plan, business history, and future goals
	Your financial needs and the term desired
	Assessing your business experience, credit history, collateral, and repayment ability

Documentation that First Federal Bank needs to consider your loan request:

	A completed commercial loan application
	A brief history of your business
	A summary of the company’s management structure
	A year-to-date financial statement
	Financial statements for the past three years
	An aging of accounts receivable and accounts payable
	Complete tax returns for the business for the past three years
	A personal financial statement dated within 90 days of the request and complete copies of the principal’s/guarantor’s tax returns for the past three years.

Small Business Definition:

98% of all businesses meet SBA's definition of a small business. SBA regulations define a small business as one that is independently owned and operated, not dominant in its field and meets the agency standards for employment and/or sales as shown below:

	Manufacturing - up to 1,000 employees depending on industry
	Wholesaling - up to 100 employees
	Service - $2.5 million to $14.5 million in annual sales
	Retailing - $3.5 million to $13.5 million in annual revenue
	General Construction - $17 million maximum average annual revenues for preceding three fiscal years
	Specialty Contractors - $7 million maximum average annual revenues for preceding three fiscal years