Small Business Initiative Program
bankHometown’s Small Business Initiative Program is here to focus on the needs of small business customers in our local communities. We offer a variety of financing options to assist with your business objectives with a quick turn around time.
Vehicle Term Loans
Business Vehicle Term Loans are designed to provide funds to purchase and refinance new and used titled vehicles. Loans are available in a variety of term options with fixed rates and payments. These loans can be structured to meet your specific financing needs.
Loan Terms and Fees
- Loan Amount: $25,000.00 – $100,000.00
- Lendable Amount:
- New Vehicles: Up to 90% of the invoice exclusive of sales tax and delivery charges
- Used Vehicles: Up to 100% of the NADA loan value
- Lendable Amount:
- Loan Terms:
- New: 1-5 years
- Used: 1-3 years
- Advance Rates:
- New: 90% of invoice exclusive of sales tax and delivery charges
- Used: 100% of the NADA loan value
- Typical Loan Fees*:
- Loan Origination Fee of 1.00% of the loan amount
- Insurance Tracking Fee of $85.00 per vehicle
- RMV Recording Fee of $25.00 per titled vehicle
Subject to credit and underwriting standards.
*Loan fees are subject to change.
Equipment Term Loans
Does your business need an Equipment Loan? bankHometown offers loans ranging from $25,000-$200,000 for your purchases or refinances with terms up to seven years. These will include fixed rates and level payments, which can be structured to meet your specific financing needs.
Loan Terms and Fees
- Loan Amount: $25,000.00 – $200,000.00
- Lendable Amount:
- New Equipment: Up to 80% of the invoice, exclusive of taxes, installation, and delivery charges
- Used Equipment: Up to 100% of the forced liquidation value from an equipment appraisal or 60% of the invoice amount
- Lendable Amount:
- Loan Terms: Not to exceed 7 years or the useful life of the equipment
- Advance Rates:
- New: 80% of invoice exclusive of taxes, installation, and delivery charges
- Used: 100% of the forced liquidation value from an equipment appraisal or 60% of the invoice amount
- Typical Loan Fees*:
- Loan Origination Fee of 1.00% of the loan amount
- Insurance Tracking Fee of $85.00 per piece of equipment
- UCC Recording Fee of $43.50 per piece of equipment
- RMV Recording Fee of $25 per titled equipment
Subject to credit and underwriting standards.
*Loan fees are subject to change.
Working Capital Term Loans
In need of funds to help support the daily operations of your business? bankHometown is here with permanent working capital term loans with a max loan term of five years. With loan amounts ranging from $25,000-$100,000, these loans can be tailored to match your business demands.
Loan Terms and Fees
- Loan Amount: $25,000.00 – $100,000.00
- Loan Terms: Not to exceed 5 years
- Typical Loan Fees*:
- Loan Origination Fee of 1.00% of the loan amount
- UCC Recording Fee of $43.50
Subject to credit and underwriting standards.
*Loan fees are subject to change.
Owner Occupied Real Estate Loans
A wide variety of owner-occupied real estate loans are available for you and your business. Whether you are looking to purchase a new building to refinance your existing mortgage, we can provide a loan to accommodate your plans. Loan terms are not to exceed a ten-year term with a twenty-year amortization.
Loan Terms and Fees
- Loan Amount: $50,000.00 – $500,000.00
- Please contact a member of our team for further information.
