BankNewport is committed to assisting small businesses grow and succeed by providing small business loans for cash flow needs, helping businesses buy needed materials and purchase equipment, machinery, vehicles and make leasehold improvements.
To be eligible for the BankNewport Small Business Lending Program, the business must have been operating for at least three years.
The following are general lending guidelines used by BankNewport and are not intended to be all encompassing. Each loan is reviewed on an individual basis and structured based on the merits of the specific loan request.
Types of loans:
- Lines of credit – working capital purposes
- Term loans – purchase of fixed assets
Loan Amounts:
- Up to $75,000 for lines of credit
- Up to $150,000 for term loans
Interest Rates:
- Lines of credit will be the Base Rate/Prime Rate plus 1%, floating
- Term loans will be priced at a fixed rate (Note: offered fixed rates are subject to change.)
Fee:
Term:
- Lines of Credit – one year
- Term loans – up to $25,000 – 5 years
- Term loans – over $25,000 up to $150,000 – 7 years
Security:
- All assets security agreement/UCC and/or equity mortgage on business or personal real estate
Guarantees:
- Personal guarantee(s) of the owner(s) will be required.
Monthly Payments:
- All monthly payments will be deducted from a BankNewport checking account.
Another advantage of BankNewport’s line of credit is that by utilizing our online banking feature, your lines of credit can be accessed 24 hours a day/7 days a week!
For more details and information, contact Our Commercial Lending Team or call 845-2265 or 877-709-2265.