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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) 

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.  

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