Commercial Lending and Financing
Resource Bank offers a variety of loan products at competitive rates. Whether your needs are for short-term or long-term borrowing, Resource Bank is here to provide the money you need with the personal attention that only a community bank can provide. It is our joy to watch local businesses develop and grow.
We are ready to help you navigate the CARES Act.
Update: April 2, 2020; 6:00pm CST:
Resource Bank has partnered with Kabbage, an online business lender, to provide you with a digital and secure way to apply for the Paycheck Protection Program. If you’d like details, visit our PPP page here.
Covington, March 30, 2020: On Friday, March 27, 2020, the House passed—and President Trump signed into law—the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) a $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.
Many of you are curious about the Paycheck Protection Program (PPP) Overview. PPP is a part of the stimulus package included in the CARES Act. The Program provides nearly $349 billion for small business cash-flow assistance through federally guaranteed loans. Loans can cover payroll support, employee salaries, rent, utilities and other debt obligations to help America’s small businesses recover from the economic impacts of COVID-19. Loans are available for up to 250% of an employer’s average monthly payroll, with a maximum loan of $10 million dollars.We are waiting for guidance (the fine tuning of PPP is NOT complete) from the SBA.
Currently, eligible business can apply for an Economic Injury Disaster Loan (EDIL) directly through the SBA. We encourage you to visit www.SBA.gov and begin the application process. You will need tax returns for the borrowing entity, Profit and Loss Statements, and Organizational Documents to complete the application.
Once your application is completed, it is our understanding that you will be assigned a registration number for Resource Bank (or our SBA partners). Once all programs are finalized for approval, a direct deposit will be made into your Resource Bank checking account.We appreciate your business and hope that you stay safe at this time. We are working hard to remain steadfast in our service to you. Thank you for your patience during this time.
Commercial loans are available at fixed and variable rates. Listed below are just a few of the loans that Resource Bank offers to business customers. For more detailed information please contact a relationship banker at any one of our branch locations.
Secured and Unsecured Business Loans: Loans designed to assist with capital needs.
Secured and Unsecured Lines of Credit: The lines of credits are designed to assist with short-term capital needs and business expansion.
Real Estate Secured Loans: Financing of Residential Development Projects including Subdivisions, Single Family and Multi-family Housing; Office and Retail Projects to Licensed Contractors; Plants and Facilities financing
*All loan products subject to credit approval