Business Loans
Loans to Help Businesses Grow and Thrive
Our local businesses are the backbone of our communities. These businesses provide jobs and support to local community causes that make Byron and the surrounding areas a better place to live and work. First Security Bank specializes in providing loan services to our local business community. Whether you’re running a small business just getting started or an established business ready to expand, our business lending team is ready to work with you. Get started by calling our office at (507) 775-2316 or contact us online to speak to a member of our lending team.
Our Business Loan Offerings at First Security Bank
Purpose | Repayment Terms | Interest Rates | Collateral Required | |
|---|---|---|---|---|
Term Loans | - Financing solutions for equipment, machinery, and vehicle purchases or loan refinancing, Flexible payment plans and terms tailored to your needs. | - Repaid over a set period (1 to 30 years). | - Fixed or variable rates. | - Requires collateral to mitigate risk. |
Lines of Credit | - Lines of credit designed to optimize cash flow management. Available in both secured and unsecured options | - Borrow as needed, repay within agreed period. | - Variable rates based on benchmark (e.g., prime rate). | - May or may not require collateral, terms vary. |
Real Estate Loans | - Financing solutions for constructing, purchasing, or refinancing commercial properties. Customized terms and payment options to suit your business needs | - Long-term fixed rates (up to 30 years). | - Competitive interest rates. | - Secured by the real estate being financed. |
SBA Loans | - Government-guaranteed loans for small businesses. | - Longer terms (up to 10 years) with low monthly payments. | - Favorable interest rates. | - Collateral required, but SBA reduces risk for lenders. |