First National Bank of Nebraska has been a forerunner in the financial world for over one and half centuries. They reflect excellent banking heritage.
The bank first opened its doors in 1857 and served Omaha and the neighboring communities. They provide multiple services ranging from personal banking to small business banking.
Are you a small business owner looking for good loan options at a reputed firm like FNNI? Well, you’d be happy to know there are quite some options you can find here!
And what’s better- this article is all about such loans at this bank! Thus, without further ado, let’s just get started!
An Overview of First National Bank of Nebraska Loans
First National of Nebraska, situated in the heart of downtown Omaha, is a multi-state holding business with a long history of financial expertise over 160 years.
First National Bank of Omaha, a division of First National of Nebraska, has set the benchmark for great customer service and the best innovative banking solutions in the market for over a hundred and fifty years.
In 1857, First National Bank was a small community bank that only serviced Omaha and the neighboring areas. The holdings of First National of Nebraska and its subsidiaries have grown to $23 billion, with approximately 5,000 employees.
The firm gives various financial products via its subsidiary, First National Bank of Omaha (FNBO). FNBO is a full-service commercial lender that also offers consumer banking and small business services.
These services include mortgage services, investment services, credit cards, treasury services, and asset management. FNBO provides personal banking services, including mobile baking, internet banking, and savings accounts.
Moreover, they also offer lending services like vehicle and personal loans. Banking, like global banking and checking accounts, financing, spa loans, spa loans, and business process outsourcing are among its small company services.
Types of Loans Offered by First National Bank of Nebraska
The company makes judgments depending on what's best for you because they are family-owned and fiercely independent.
Commercial, business, personal, or wealth solutions are available through FNBO. This section would first focus on the small business loans and cover some of the other loans.
Small Business Loans
With First Bank of Nebraska, your small business objectives are a reality.
FNBO provides long-term finance, business expansion, significant expenditures, and debt reduction options. Contact the experts to learn more about how they can help you receive the funding you need to maintain your small business afloat.
There are a few advantages:
- The application process is extremely simple
- For efficient service, there is only a single point of contact.
- A one-time transaction with a defined payment plan focusing on a particular amount.
U.S. Small Business Administration Loans
Each sort of SBA loan has its purpose and scope. They are for newly created or fast expanding enterprises. As an accredited SBA Preferred Lender, FNBO can assist you in determining which option is best for you.
In addition, they handle credit determinations in-house to ensure speedy approvals. Use an SBA loan for the following:
- Buying a franchise or a business
- Property for sale in the commercial sector
- Equipment
- Expansion of export operations
- Working Capital
First Bank of Nebraska is Nebraska's number one SBA lender. They guarantee a fast application process. An in-market professional will accompany you throughout the trip as a Small Business Administration Preferred Lender.
Personal Loans
Personal loans are commonly used to fund home improvements, unforeseen needs, or to restructure high-interest debt. Personal loans are often a viable choice for folks who have not built up enough equity in their house. The following are some of the advantages of these loans:
- Ideal for single, one-time purchases of a fixed amount with monthly installments that are predictable.
- Use for a specific amount of time.
- Various payment choices and rates are available (based on credit score and income)
- Interest rates may be less than those charged by credit cards.
- Depending on your First National Bank associations, you'll get a lower interest rate.
Personal Lines of Credit
You'll be equipped for unforeseen borrowing requirements with a "personal line of credit." Furthermore, you will only be charged interest on the amount you use. Here's a quick rundown of what you can expect from this option:
- It is the best option for many life events, ongoing use, or purchases with unknown expenses.
- Purchases with a line of credit can be made with transfers, cheques, or Visa Debit Card, cheques.
- Your credit score, income, and financial need determine the amount of credit you can get.
- Interest rates may be less than those charged by credit cards.
- Overdraft protection for checking accounts is possible.
What Lending Criteria Does the Bank Have?
The lending criteria of any bank is the number of factors they check before approving a loan for you. The lending criteria of First Bank of Nebraska are at par with any different American bank.
As a consequence, before applying for a loan anyplace, be sure you match their requirements. Otherwise, you may find yourself in a difficult situation. The bank looks at key facts about your business when you seek a business loan.
It could include a lot of things. Usually, your past debt history, the quality of your product or service, your reputation, and business references play a crucial role.
First Bank of Nebraska's Interest Rates, Fees, and Loan Options
Fees and loan rates depend on certain factors like the loan type you choose, the amount, and the repayment terms.
Interest starts to accrue on the firm's calendar day credit for non-cash goods deposited (for instance, checks). Alternatively, interest is paid on balances that have been collected.
The interest for your account is calculated using the daily balance technique by the firm. Every day, a daily periodic rate is applied to the account's principal balance. Your account's interest would be credited and compounded every month.
The current interest rate on the "FNBO Direct Online Savings" account is 0.35 percent, along with a 0.35 percent annual percentage yield (APY). Your interest rate and annual percentage yield may change.
| Loan Type | Loan Size | Repayment term | Loan Rate |
| SBA 7(a) Loan | Under $25,000 | Over 7 years | Prime + 4.75% |
| SBA 7(a) Loan | $25,000-$50,000 | Over 7 years | Prime + 3.75% |
| SBA 7(a) Loan | Over $50,000 | Over 7 years | Prime + 2.75% |
| SBA 7(a) Loan | Under $25,000 | Under 7 years | Prime + 4.25% |
| SBA 7(a) Loan | $25,000-$50,000 | Under 7 years | Prime + 3.25% |
| SBA 7(a) Loan | Over $50,000 | Under 7 years | Prime + 2.25% |
| SBA Express loan | Up to $350,000 | Up to 7 years | Prime rate + 4.5% – 6.5% |
| SBA 504/CDC loan | Up to $5.5 million | 10 years | 2.23% |
| SBA 504/CDC loan | Up to $5.5 million | 20 or 25 years | 2.364% – 2.399% |
| SBA Microloan | Less than or equal to $10,000 | Up to 6 years | Cost of funds + 8.50% |
| SBA Microloan | Over $10,000 | Up to 6 years | Cost of funds + 7.75% |
First Bank of Nebraska’s Application
The process of applying over-simplified at First Bank of Nebraska. A lot of information is available on the website is present to help you out.
If you are asking for a loan as a small business owner, here are a few steps you'd need to complete:
1. Check the Website
It would help if you did good research to get a loan. Thus, the first step is to go on the official website and check the firm’s history, ideals, and services.
2. Check If You Qualify Their Lending Criteria
As previously stated, you must verify your eligibility for the loan with First Bank of Nebraska. Thus, you rely on the lending criteria for this. The lending criterion will include various factors, like the length of time your company has been in operation.
It will confirm that your company is authentic. If you have a business running for a few years, you are good to go. Even a one-year-old startup is eligible. Another element to consider is the amount of money your company generates.
Your credit score also determines your loan rate. Before you apply, double-check everything. You'll learn about the repayments you'll need to make and whether or not you qualify.
3. Decide the Type of Loan
Well, time to decide which kind of loan will fit your business the best! FNNI and FNBO offer multiple loans. Thus, you have a variety to choose from. Make the best of this opportunity. Ask for a loan that will have your back in all kinds of situations.
Only you know what suits your business the best. Convey that when seeking a loan. The website has contact details for particular branches under every loan it offers. You can go ahead and consult the department to get a better understanding.
4. Collect All the Documents
Documents are one of the most important aspects of getting a loan. Crucial documents can make or break your loan application. Thus, you should stay prepared with all the papers beforehand.
Being askew with documents will make the process unnecessarily long and full of hassles. If you have any doubt, it would be best to consult a bank staff member.
5. Apply
Well, you are all prepped up now! Time to do the final step and apply for the loan! Be confident about your application and use it with the hope that you’ll grab the loan!
Summary of Stifel Bank’s Loan Options
First Bank of Nebraska prides itself upon its customer satisfaction. You get the best service here. Thus, it is a good starting point if you are looking for a loan for your small business. They offer a range of loans tailored for your needs and desires.
Loans can make your dreams come true. Thus, it would help if you didn’t have to worry about not getting a loan. If not here, multiple other firms provide unconventional lending methods.