Our Business Loans
Small Business Administration (SBA) Loans
Take advantage of this funding option for businesses that might not qualify for other loans.
We support our local small businesses — and as a local small business ourselves, we understand some of the challenges they face.
That’s why we offer this alternative funding option for businesses that may not qualify for other loans. Our SBA loans offer government-assisted financing with the friendly, local service of Newton Federal Bank lending professionals.
- Government-assisted financing for qualifying businesses
- Ideal for start-ups, existing businesses (purchasing or refinancing), and businesses that may have difficulty getting approval for other loans
- Finance a wide range of business needs commercial real estate, business acquisition or expansion, equipment, inventory, working capital and more
- SBA 7(a) and SBA 504 programs available
- Generally lower down payments and extended terms
- Additional considerations taken when deciding maturity*
- Competitive rates
- Attentive, professional service every step of the way
- Local decision-making and processing
SBA 7(a) loans can be used for nearly any business purpose. This includes commercial owner-occupied real estate, construction or renovation for owner-users, business acquisition and start-up, refinancing for existing debt, equipment purchases, working capital and inventory.
- Competitive rates and down payments as low as 10%
- Quick approval and fast closings on loan amounts to $2 million
- Low monthly payments with up to 25-year amortizations available
As a non-profit set up to contribute to its community’s economic development, a Certified Development Company (CDC) works with the SBA and private sector lenders to provide financing to small businesses. The 504 CDC Program provides growing businesses with long-term, fixed-rate financing for major fixed assets such as land and buildings.
SBA 504 loans are typically secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the CDC (backed by a 100% SBA-guaranteed debenture) covering up to 40% of the cost, and a contribution of at least 10% equity from the small business being helped.
- Must be used for fixed asset projects such as purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities.
- Can also be used for modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment.
- Cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing.
Business Term Loans
We can help you finance almost any business need at a competitive rate.
Meet your business goals with the funds you need to succeed — our business term loans offer competitive rates, as well as terms customized to your operation.
Purchase inventory, finance improvements, and more. Our experienced lenders are right here in Covington, so you’ll receive friendly, local service every step of the way.
- Affordably finance a wide range of business needs inventory, improvements, working capital, and more
- Secured and unsecured options available
- Competitive rates
- Terms customized to the needs of your business
- Attentive, professional service every step of the way
- Local decision-making and processing
Secure a business term loan by using your inventory as collateral. Our maximum loan amount for this option is 50% of the dollar value of eligible inventory.
Contact us to learn more about this loan option for your business.
Secure a business term loan using accounts receivable as collateral. Our maximum loan amount for this option is 80% of accounts receivable that are less than 60 days old.
Contact us to learn more about this loan option for your business.
Business Lines of Credit
Handling ongoing or seasonal business needs with a revolving line of credit.
Get your business ready for seasonal fluctuations, or boost your working capital. Our business lines of credit let you draw down the funds you need, when you need them.
You’ll receive a competitive rate, so you can keep costs down as much as possible. You’ll only pay interest on the amount you use — and once you’re approved, there’s no need to reapply.
- Ongoing, affordable funding for a wide range of business needs seasonal fluctuations, inventory, and working capital and more
- Secure greater financial flexibility for your business funds are available as needed, only pay interest on the amount used and more funds become available as principal is repaid
- Once approved, there’s no need to reapply
- Funds disbursed conveniently*
- Competitive rates
- Terms customized to the needs of your business
- Attentive, professional service every step of the way
- Local decision-making and processing
Commercial Real Estate Loan
Purchase or refinance commercial property with a loan tailored to you.
Purchase or refinance commercial property with a loan tailored to your business goals. Choose from a variety of financing options with our commercial real estate secured loans.
You’ll enjoy a competitive rate and customized terms — whether you want to build, purchase land, or anything else. Apply today, and we’ll be glad to assist you throughout the process.
- Purchase or refinance commercial property affordably
- For owner-occupied and investment properties
- Competitive rates
- Terms customized to the needs of your business
- Attentive, professional service every step of the way
- Local decision-making and processing
- Experienced lenders with knowledge of the local real estate market
Loan options include:
- Residential construction loans: subdivision or single units
- 1st-mortgage commercial loans
- Residential renovation & rehabilitation loans
- Commercial renovation & rehabilitation loans
Building a new facility starts here — at Newton Federal Bank, we offer competitive rates and terms on our construction loans. Apply today, or contact us to discuss your commercial construction loan needs.
- Single, multi-family, office buildings, and specialized structures
- Loan values up to 80%
Purchase land to develop, or build commercial or residential properties. Our lending experts can structure a financing solution that meets your goals. Apply today, or contact us to discuss your needs for land acquisition and/or development.
- Perm loan (one closing/one fee)
- Builder construction loan
- Non-owner occupied (15 year)
- Land (unimproved land)
Equipment Loans
Purchase, repair, or upgrade your equipment with affordable financing.
Keep your business hummin’ along with the equipment you need to stay competitive. Affordably purchase new or used equipment or even upgrades.
You won’t have to cut into working capital to keep your equipment up to date — our equipment loans are an affordable financing option to keep your business competitive.
- Affordable financing for new or used equipment
- Finance equipment without cutting into working capital or savings
- Remain competitive with upgraded equipment
- Competitive rates
- Terms customized to the needs of your business
- Attentive, professional service every step of the way
- Local decision-making and processing
