Industrial Bank is a lender in the Small Business Administration’s Preferred Lending Program (PLP). As a Preferred lender, Industrial can expedite SBA loans, reducing the time between the approval and funding of your small business loan. Call one of our SBA loan experts at (202) 722-2000 to determine your eligibility for an SBA-guaranteed loan.
Short and Long Term Financing
Industrial Bank offers traditional loans and lines of credit to meet your seasonal cash needs, receivables and inventory financing, as well as long-term loans for equipment or facilities purchases, business acquisitions, and debt refinancing.
- SBA 7(a) Loans. These loans are guaranteed by the U.S. Small Business Administration (“SBA”), usually up to 75%. For borrowers who do not have a strong secondary source of repayment usually required to obtain loan approval, such a guaranty can help them obtain approval from the Bank. Our SBA loan officers, have years of experience making SBA loans to all sorts of businesses.
- SBA Express Loans. This product is a version of the SBA 7(a) loan, with a lesser guaranty percentage (usually 50%), but a quicker turnaround time due to the fact that the Bank is able to use its normal loan documents and procedures.
- U.S. Department of Transportation Short Term Lending Program (“STLP”). This is another Federal government program, patterned after SBA 7(a). Through the STLP, the Dept. of Transportation guarantees loans made by Industrial Bank to contractors and subcontractors on transportation-related projects, which could include a variety of contract types: highway or bridge construction, work for WMATA or at one of the airports in the Metropolitan Washington Airports Authority, etc. The types of contract which are supported by the program are not solely limited to construction---the contract could be for financial/accounting services related to a transportation project, for instance. Carolyn Eubanks would be happy to help you with this type of loan.
- District of Columbia Collateral Support Program. Industrial Bank was the first bank to extend loans under this program, in which the District government provides cash collateral to banks to guarantee a portion of loans made to qualifying businesses in DC. Applicants who are likely to qualify will be physically located in the District, with a majority of their work performed in Washington, DC, and which have District residents as the majority of their employees. Contact Carolyn Eubanks for more information.
- Industrial Bank also offers a wide array of conventional lending products, that do not include the types of credit enhancement shown above, but only direct Bank financing. These include:
- Business acquisition loans
- Equipment loans
- Commercial real estate loans (for offices, multifamily apartment buildings, 1-4 family investment properties)
- Working capital lines of credit
- Secured letters of credit
- Accounts Receivable Lines of Credit
- Expansion Loans
- Government Contract Financing
- Letters of Credit
- Revolving Lines of Credit
- Commercial Term Loans Contact Carolyn Eubanks for more information.