Pacific Western Bank Small Business Loans

Pacific Western Bank is a premier national financial institution that works with a focus on the community. The bank has assets worth $34 billion; they strive to aid every client who comes to them.

The bank offers customized solutions for every customer. Additionally, they provide national lending, intensive community banking, and venture baking services throughout the country.

Are you someone who needs a loan for their small business and what to learn about PacWest? Well, you are in luck. This article will give you everything you need to know!

Here, we will be talking about types of loans, the lending criteria, interest rates, and other important things. Are you ready? Let’s dive in.

An Overview of Pacific Western Loans

PacWest functions from 70 branches spread throughout the nation. The primary locations are in Durham, Denver, Colorado, California, and Durham, North Carolina. Moreover, the loan production offices are present at multiple locations too.

PacWest possesses the skills to make your project a success, regardless of the size or stage of your company. They will create a loan solution specifically for you.

A skilled team of experts will attend to your concerns and collaborate with you to help you attain the financial security you desire. You could bring your prospects into focus by using the firm's in-house knowledge and skills for you.

The firm’s nationwide presence can be a boon for you. You can get access to them from wherever you are, whenever you need it.

Types of Loans Offered by Pacific Western Bank

There are multiple types of loans offered by Pacific Western bank. Certain lending plans are specially customized, keeping in mind small business owners. Hence, if you, as a modest businessman, are looking for loan options, you won’t be disappointed by PacWest,

The firm's highly regarded originators, underwriters, and service representatives focus entirely on the customer's needs as a small business borrower. The bank has $4 billion in small business loans generated and serviced.

Thus, they understand the issues you confront and provide quick credit decisions, streamlined application, approval, and closing process. What's the result? Financing with a small monetary injection.

The firm can make credit decisions on behalf of the US state as an SBA Preferred Lender. The company is there to hold your hand at any time of problem you face. Some of their loans specifically designed for small businesses are:

SBA 7(a) Loans

PacWest offers SBA 7(a) loans from $250,000-$5,000,000. Moreover, the loan gets processed swiftly. The only thing you need to check is whether you meet the eligibility criteria of the company’s program.

SBA 504 Loans

This loan is ideal for buying fixed assets like equipment, machinery, and real estate with a life purpose of around ten years. The bank offers funding from $250,000 to $8,000,000. The only criteria are that you can’t use the amount for any working capital.

For Franchise Owners

Franchise owners can get sanctioned for up to $5,000,000 of loans throughout the States. It can be for consolidating, reimagine, transferring, purchasing, or building debt.

For Medical Professionals

Medical workers can get competitive variable and fixed rates from 10-25 years, depending on the purpose. The loan process is super fast, and you can close it in just two months of signing your contract.

For Veterinary Professionals

The bank provides terms from 10 - 25 years dependent on your purpose. No calls or balloons are involved. Moreover, there is fully amortizing over the life of the loan.

For Insurance Professionals

You can get loans for insurance, book maintenance, real estate purchase, acquisition, refinancing, or expansion. Your loan can be up to $5,000,000 at a competitive fixed/variable rate.

What Lending Criteria Does the Bank Have?

The parameters that the bank examines when granting a loan are known as the lending criteria. Hence, you need to checkbox all the requirements before you become eligible. These factors become the determining criteria in whether your loan is accepted or denied.

PacWest's lending requirements are very much similar to that of any other bank in the US much PacWest's lending requirements are very much identical to that of any other bank in the US.

The first step to looking for a suitable bank is thus, checking if you match their bar for eligibility. When requesting a business loan, the bank will examine your organization's many credentials.

Some of these are the company’s reputation, business references, the quality of your service or product, and of course, your business debt repayment history.

PacWest's Interest Rates, Fees, and Loan Options

PacWest features many deposit products, including CDs, money market accounts, checking accounts, and savings accounts. These products are present to aid you in managing your money.

The banking company doesn't offer the best savings rate. Therefore you should consider looking for a financial institution that will give you a better return on money. CDs might be a great way to earn higher returns.

However, in that method, there are some restrictions on how you can access your funds. When put against the national average, Pacific Western Bank's CD rates remain competitive.

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%
S.B.A. 504/C.D.C. 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%
S.B.A. Microloan Over $10,000 Up to 6 years Cost of funds + 7.75%

Pacific Western Bank’s Application

Similar to the lending procedure, PacWest's application process is quite the standard. As a general guideline, you should be real and honest with the bank. It would help if you were completely honest about why you require the loan.

If you're looking to apply for a small business loan, there are certain procedures you should take.

1. Confirm Your Qualification

We have talked about this step before too. The first and foremost step in getting a loan is checking if you are applying for the loan. Once you are eligible, most other things are easy. The bank also helps you a great deal.

PacWest’s official site has a quick questionnaire you can fill to understand if you qualify. To start your loan process, this should be your starting point. The duration you've been running a business will get taken into account by the bank. The ideal course is a few years.

It will strengthen your case by proving that you are running a flourishing company. Additionally, your credit score will play a critical part in deciding the interest rate on your loan.

Whenever you apply, double-check it. Also, the amount of revenue generated by your business is vital. That will make you eligible for the loan and persuade the lender that you'll be able to return it.

2. Confirm the Type of Loan

Your second step will be to fix the loan type that suits your business' needs the best. Ask yourself certain questions - are you starting a new business, or are you expanding it?

Please understand your requirements then lock one type of loan for yourself. It would be best if you had a clear understanding of your needs for the application process.

3. Collect all the documents

Now, if you are certain that your needs and requirements are getting met at PacWest, go ahead and talk to a PacWest expert. They’d walk you through the process and also give you an understanding of all documents you need to submit.

Here, you must prepare beforehand. Get started on arranging all the important documents and put them all in one place. It will go massively in streamlining and organizing the entire process.

4. Apply

By this point, you should be well-versed in the company’s terms and conditions and, of course, their percentage rate. The last albeit the most important step is here. Apply!

We’d recommend getting the lowest APR when you apply with your documents. That is all! You’re done; you have applied for a loan! Keep your fingers crossed.

Summary of Pacific Western Bank’s Loan Options

That is all about small business loans at PacWest. You have quite a plethora of options to choose from. The saving rates are average here, in comparison to other American banks.

Moreover, don’t be disheartened if your loan doesn’t get approved here. There are mutable places where you can unconventionally get loans too. This is America, where everyone fulfills their dreams!

If you want to up your research game, the best advice would be to go through good reviews. One of the best sites to get unbiased informed reviews is at Working Capital.

Get the loan of your choice and get your dream business running!