Small Business Administration Loans

Powering your business dreams.

SBA Loans

At ChoiceOne, we strive to help business owners like you make their mark on the community. We believe in guiding small businesses because we know they are the strength and backbone of our community. When you partner with us, we will ensure that you receive a loan package that not only sets you up for the present day’s operations, but also prepares you for the challenges of the future.

The SBA loan is an excellent funding opportunity that can help you:

Purchase equipment, machinery, furniture, fixtures, supplies, or materials
Make real estate purchases, including land and buildings
Start construction on a new building or renovate an existing one
Obtain long- and short-term working capital
Establish a new business
Assist in the acquisition, operation, or expansion of an existing business or franchise
Refinance existing business debt (under certain conditions)

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Advantages of a SBA Loan

Enjoy longer loan terms of up to 25 years
No pre-payment penalties if the loan is less than 15 years old
Most SBA loans are fully amortizing, so you don't have to worry about balloon payments
Choose between fixed and variable rate options
Suitable for a wide range of business purposes
Benefit from lower down payments, usually 10% to 20%. (In some cases, the down payment can be waived)
Closing costs can be included in the loan

At ChoiceOne Bank, we understand that finding the perfect funding option can be a challenging task. But it doesn’t have to be that way for you. Let our Commercial Lenders help you find a loan that meets the unique needs of your business – and together, we can unlock its full potential.