Business and SBA Loans
Frequently Asked Questions

Perhaps you want to purchase a building, acquire a business or professional practice, or refinance existing debt. Or maybe you have ambitious growth plans for the business or professional practice you currently own. A business loan can finance your plans.

How do I know which type of loan is best for my financing needs?

Your relationship manager will work with you to identify your best loan option.

What are the criteria for a business loan approval?

Your current credit standing and credit history are important aspects in determining the acceptance ofyour application. The cash flow of your existing business is also a vital element ofyour overall credit picture, along with your income and spending patterns.

What rates or fees will I pay for my business loan?

Because loan structure, amounts and repayment terms vary, so do the rates and fees charged for loans. Most business loans are tied to the prime interest rate, and move accordingly. Fixed rate loans may be available if you prefer.

Who makes the final decision regarding my loan application?

A qualified relationship manager will carefully review your application after all the necessary documentation has been gathered. Remember, 1st Source Bank wants to make good loans, so its in your best interest to promote yourself, your business, and your expansion plans.

When should I contact my relationship manager?

Staying in touch with your relationship manager on all financing decisions is good management practice. Your relationship manager is always available to help you sort financial product options. If you have not been introduced to your relationship manager, call or stop by the bank for a personal meeting. We are here to serve all your financial needs.