FSWB Bird Icon Personal

 

New! SBA 7(a) Express Loan

This program features an accelerated turnaround time for a government guaranteed loan.
Applications close September 27, 2020.
 

APPLY NOW


Benefits to Borrowers:

  • Fast turnaround time/Streamlined processing
  • Easy-to-use lines of credit /Low, competitive interest rates
  • Start-up businesses eligible /In-house underwriting
  • Stated income/Stated Debt (Loans $100,000 or less) through 9/27/20
  • SBA pays guarantee fees and makes first 6 months of P&I payments on all new loans through 9/27/20
Maximum Loan Amount: $25,000 – Unsecured | $350,000 – Secured
Percent of Guarantee: 50%

Use of Proceeds:
  • Expansion/renovation
  • New construction or purchase land or buildings
  • Purchase Equipment, fixtures, inventory Lease-hold improvements
  • Working
Capital Maximum Term:
  • Revolving Lines of Credit – 7 years
  • Unsecured, FF&E, Inventory, etc. – 10 years
  • Real Estate – 25 years
Guarantee Fees:
  • Loans up to $125,000 – 2% (unless Veteran, then fees are waived)
  • Loans between $150,001 - $350,000 – 3% of guaranteed portion
Packaging Fees:
  • $250 – Loans up to $25,000
  • $350 – Loans $25,001 - $50,000
  • $450 – Loans $50,001 - $100,000
  • $650 – Loans $100,001 - $350,000
Eligibility: Must be a for-profit business and meet SBA size standards, Show good character, credit, management and ability to repay, Must be an eligible business type.

APPLY NOW

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.

New! USDA Business & Industry (B&I) CARES ACT Loan

Benefits to Borrowers:
  • Fixed Rates of 6.75% up to 5 years and 8.5% up to 10 years (max term)
  • Fixed maturity, no balloon payments, fully amortizing principal & interest payments
  • Start-ups and Agriculture Producers are eligible
Maximum Loan Amount:
  • Maximum B&I Cares loan = 12 x (Borrower’s total average monthly costs or W/C expenses)
  • This amount will be reduced by any SBA Paycheck Protection Program loans received by borrower or other Federal assistance for economic recovery due to the pandemic impacts
  • Maximum loan may not exceed the traditional $25 Million threshold to one borrower
  • Example: Borrower has monthly operating costs of $100,000. They have received a $250,000 SBA PPP loan. They would be eligible for a $950,000 B&I Cares Act Program loan - $100,000 x 12 = $1,200,000 - $250,000 = $950,000
Percent of Guarantee: 90%

Use of Proceeds:
  • Payroll costs, healthcare benefits, salaries
  • Principal and interest payments on loans and/or loan costs
  • Rent/leases obligations, utilities, inventory & supplies
  • Operating costs such as Insurance and marketing or to pay taxes.
Maximum Term: 10 years

Guarantee Fees: 2% of guaranteed loan amount

Equity Contributions: A minimum of 10% balance sheet equity, or; Borrower investment of equity or other funds in the project equal to 10% or more of total eligible project costs, or; The balance sheet equity includes owner-contributed capital of 10% or more of total fixed assets.

Eligibility: Eligible borrowers are for-profit businesses, non-profit businesses, cooperatives , individuals, Agriculture producers, or tribal organizations located in a rural area1 as defined by USDA. The borrower’s headquarters may be based within a larger city as long as the project is located in an eligible rural area. Is the project located in an eligible rural area?

To apply, please email AllSpecialLending@fswb.com.

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.

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.

Paycheck Protection Program

Applications closed August 8, 2020.
The Paycheck Protection Program prioritized small businesses and the millions of Americans employed by these businesses by offering forgivable loans with funds going toward job retention and other expenses.

Helpful Resources: