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Paycheck Protection Program

We are still accepting PPP loan applications through August 8, 2020.​

The Paycheck Protection Program prioritizes small businesses and the millions of Americans employed by these businesses by offering forgivable loans with funds going toward job retention and other expenses.

Who is Eligible? Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Helpful Resources:

Top SBA and USDA Lender

First Southwest Bank is one of the state's best SBA lenders - included in the top 25 in 2014. We're also widely-known as one of the most active USDA lenders in the state. That means we know the ins and outs of the Small Business Administration's and government financing programs and can help you navigate through to get the best credit enhanced program for you. Our expert, Sherry Waner, is waiting to hear from you! To read about how we assisted White Rock Specialties in Mosca, Colorado with their growth through a USDA program, click here.
 

Unique Lending Programs

The First Southwest Community Fund Intermediary Relending Program (IRP) provides low cost loans to businesses in rural communities that create jobs. For each proposed IRP project, First Southwest Community Fund will evaluate the benefits to rural development at large, the partner organizations that can assist, and the impacts that can be tracked as a result of the investment. 

Learn more about our unique lending program through the First Southwest Community Fund at fswcf.org.

Additionally, First Southwest Bank is proud to receive $5,000,000 through the USDA Rural Development Community Facilities Program. First Southwest Bank was one of 26 entities nationwide, and the only one in Colorado, to receive an award in 2016. This money will be used to facilitate funding for critical community facilities and nonprofits, such as libraries, fire stations and police stations, which often face unique roadblocks to securing funding. If you work for, or know of, a critical community facility that needs funding, Sherry Waner would love to meet with you.
 

We're In the AG Business Too

What we grow is YOUR agricultural business! And we do that by knowing AG lending. We've been a big part of helping Agricultural Businesses grow in the San Luis Valley for years and have expanded that expertise to all of the markets we serve in Southwest Colorado.

We have experienced teams in all of our branches. Please give us a call. Or feel free to contact Jeni Jack-Goodwin, our bank's President, directly at 719.587.4200 extension 4225.

Online Banking

We fully understand that you need quick and easy access to your money, your accounts and transaction options while on the go. We promise to continually strive to provide our customers with best-in-class online and mobile products and services.

SBA 7(a) Loans

Standard 7(a) Loan

Maximum loan amount: $5 million
Maximum SBA guarantee: 85% for loans up to $150,000 and 75% for loans greater than $150,000
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make eligibility determinations without SBA review
Revolving lines of credit: Up to 10 years (Permitted only under CAPLines submission. See below)
Forms: SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required)
Collateral: Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation), and must take available equity in the personal real estate (residential and investment) of the principals as collateral.
Credit decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.


7(a) Small Loan

Maximum loan amount: $350,000
Maximum SBA guarantee: 85% for loans up to $150,000 and 75% for loans greater than $150,000
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make eligibility determinations without SBA review
Forms: SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required)
Collateral: Lenders are not required to take collateral for loans up to $25,000. For loans over $25,000, up to and including $350,000, the lender must follow the collateral policies and procedures that it has established and implemented for its similarly-sized non-SBA-guaranteed commercial loans, but at a minimum the lender must take a first lien on assets financed with loan proceeds and lender must take a lien on all of the applicant’s fixed assets including real estate. Lender is not required to take a lien against applicant’s real estate when the equity is less than 25% of the fair market value. The lender may limit the lien taken against real estate to the loan amount.
Credit decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
 

SBA Express Loans

The SBA Express program features an accelerated turnaround time for SBA review. 

Maximum loan amount: $350,000
Maximum SBA guarantee: 50%
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: Made by the lender
Revolving lines of credit: Up to seven years with maturity extensions permitted at the outset
Forms: Lender primarily uses own forms and procedures, plus SBA Form 1919
Collateral: Lenders are not required to take collateral for loans up to $25,000. May use their existing collateral policy for loans over $25,000 up to $350,000.
Credit decision: Made by the lender
Purchase: Lender may request expedited SBA purchase on small loans or in situations where liquidation may be delayed

Mobile Banking

Download our FSWB-APP for Apple and Android devices and get all the convenient features of online banking on your mobile phone or tablet device.