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Business Loans and Services |
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The First National Bank of Niagara offers a comprehensive array of Commercial lending products and services designed to meet the financial needs of local businesses. Whether your needs are related to business expansion, real estate acquisition and improvement, equipment and vehicle purchases or a line of credit. We will work with you to help design a financial services program to meet your needs. Equipment & Vehicle Loans This type of loan provides funding for the purchase of equipment and/or vehicles your business needs to grow. New and used equipment or vehicles can be financed up to 7 years. Down payment requirements are determined on a case by case basis. Real Estate Financing We are dedicated to helping businesses financed real estate development, the construction of new facilities, additions or renovations. In addition, our mortgage programs offer competitive rates for new construction, refinancing, and the purchase of investment properties. Loan terms can be up to 20 years on 75% of cost or appraised value, whichever is less. Lines of Credit Revolving Line of Credit A revolving line of credit provides funds to meet your specific cash flow needs. Borrowers can draw funds on this credit facility, repay the amount drawn and re-borrow as needed. Revolving lines are not intended as permanent financing and are subject to renewal on an annual basis. Construction Line of Credit Borrowers can draw funds from this credit facility to meet the progress payments normally associated with a construction project. During construction interest is billed monthly on the funds drawn. When the construction is completed, lines are usually turned out into monthly payments of principal and interest. Floor Plan Line of Credit Borrowers can draw funds to purchase inventory intended for resale from their floor plan line of credit. This allows you to take advantage of discount terms on big ticket inventory items. Repayment is generally monthly interest only and principal payments when a floor planned inventory item is sold. Curtailments may be required for items that are not sold on a timely basis. Floor plan lines are subject to renewal on an annual basis. Letters of Credit Irrevocable Letter of Credit A letter of credit is an irrevocable and unconditional promise by the bank to pay a third party. It serves as assurance that the account holder will fulfill its contractual obligations. Typically a letter of credit is used for a specific time period and used instead of a cash deposit or performance bond to help facilitate a business transaction, construction project or logging operation on public land. Auction Letter An auction letter is a letter of introduction for a bank customer to attend a specific auction. The letter guarantees that checks written by the Banks customer, for purchases made at the auction, print will not be returned for any reason. Business Services We offer the professional commercial services you expect from a “big bank” while maintaining the convenience and service that only a local bank can provide.
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