Loans

Our commercial bankers have a wealth of experience and First American Bank offers commercial loan products that will fulfill a variety of needs. From equipment loans to operating lines of credit, let us help you succeed. What are you trying to accomplish, and how can we help you reach your goals?

 
To learn more about our commercial loan products, including our 10-year fixed-rate business loan, please contact: 
 
Kimberly 715.377.5304
 



COVID Response to Small Businesses

 
 
Additional funds have been appropriated for the loan programs below and we may be able to begin approving SBA PPP loans soon. Please read on for more information.
 
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Please know that First American Bank is here for you—the banking system in the US is strong and resilient and we are continually taking measures to ensure you have access to your funds and to a banker who can assist you with any issues that arise.  For the safety of our staff and our clients, we have closed our lobby but our drive up is still open, and the bank continues to be fully staffed.  Please reach out if you have questions.

The documents below contain more information regarding the Small Business Relief Programs that are the result of the recently passed CARES Act. 
 
  1. Click here <<< to learn more on all the loan options the SBA offers in response to COVID-19

  2. *Important Note: If you received an SBA EIDL loan from January 31, 2020 16 through April 3, 2020, you can apply for a PPP loan. If your EIDL loan was not used for payroll costs, it does not affect your eligibility for a PPP loan. If your EIDL loan was used for payroll costs, your PPP loan must be used to refinance your EIDL loan. Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.
  3. *Before you e-mail us your application and additional documentation, please contact us at PPP@fa-bank.net for a link to our secure e-mail service. 

 

Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
 
  1. PPP Overview
  2. PPP Borrower Information
  3. Borrower Paycheck Protection Program Application 
    1. Please read the instructions on the application carefully. Much of what you need to know is included in the instructions.

Under this program:

  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. 
  • Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
  • Please complete the application and submit it along with documentation of your payroll per the application guidelines:
  • For purposes of calculating "Average Monthly Payroll", most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee.
  • For seasonal businesses, the Applicant may elect to instead use average monthly costs over $100,000 on an annualized basis for each employee. 
  • For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee. 
 
Submit the following documents when applying for the SBA PPP Loan:
 
  • Existing clients applying for the Paycheck Protection Program, please submit the following to PPP@fa-bank.net
  1. Completed application (#3 above - Borrower Paycheck Protection Application)
    1. NOTE: all sections must be completed. The form is fillable—if it cuts off part of an address or Social Security Number, please adjust your font so all contents of the cell are legible. The loan cannot be processed without a complete application. 
    2. Please read the instructions on the application carefully. Much of what you need to know is included in the instructions — we do not have any more details that what is indicated on the application.
  2. IRS forms 941 or 944 for 2019
  3. Payroll files for 2019 — this should include a breakdown by month
  4. The calculations you used to arrive at the average monthly payroll amount indicated on your application.
  • New clients applying for the Paycheck Protection Plan, please submit the following to PPP@fa-bank.net:
  1. Completed application (#3 above - Borrower Paycheck Protection Application
    1. NOTE: all sections must be completed. The form is fillable—if it cuts off part of an address or Social Security Number, please adjust your font so all contents of the cell are legible. The loan cannot be processed without a complete application.
  2. IRS forms 941 or 944 for 2019
  3. Payroll report that includes 2/15/2020 
  4. Payroll reports for 2019 — this should include a breakdown by month
  5. Most recent last 2 years of tax returns
  6. Articles of Organization
  7. Copy of driver's license for all business owners
  8. The calculations you used to arrive at the average monthly payroll amount indicated on your application.  
    1. Completed application (#3 above - Borrower Paycheck Protection Application
      1. NOTE: all sections must be completed. The form is fillable—if it cuts off part of an address or Social Security Number, please adjust your font so all contents of the cell are legible. The loan cannot be processed without a complete application.
    2. Provide one of the following:
      1. Payroll processor records,
      2. Payroll tax filings,
      3. Form 1099‐MISC, or
      4. Income and expenses from a sole proprietorship
    3. Most recent tax returns (for new clients)
    4. Copy of driver's license
    5. The calculations you used to arrive at the average monthly payroll amount indicated on your application.

 

PPP Loan Forgiveness

Below you will find information regarding loan forgiveness - please pay close attention to the PPP Forgiveness Application.  We will share more information as the SBA provides it.  Read this carefully so you understand how to proceed, how to clearly document your use of funds, for you to maximize the potential for loan forgiveness. It is important to recognize that amounts not forgiven will need to be repaid at loan maturity—the loan may be extended/refinanced at that time, or paid in cash. Unfortunately we cannot answer questions specific to your situations.  
 
 Once you have gathered all your forgiveness documentation, please submit it to PPP@fa-bank.net

Economic Injury Disaster Loans and Loan Advance (EIDL)

To apply for a COVID-19 Economic Injury Disaster Loan >>> click here

  1. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  2. Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
  3. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.
  4. Funds from the loan advance will be made available within three days of a successful application, and this loan advance will not have to be repaid.
 
 
We will continue to share what we receive regarding these loans so you have the best information possible and can take advantage of whichever program will most benefit your business. 
 

Leverage the power of self-service, digital solutions.
As new guidelines are established for containing COVID-19, more and more people are working from home and avoiding unnecessary trips.  We offer services to assist you with this:  (this will have links to each location within our website that talks about these items)
 
  • ACH Cash Management allows you to pay your employees via direct deposit.
  • Use our Internet Banking for account-to-account transfers and electronic bill payments.
  • Wire transfer requests can be done via fax or e-mail.
  • Remote Deposit Capture allows you to deposit checks from your office, eliminating a trip to the bank. 

Other Items
  • E-mail scams are on the rise --- please be wary of clicking on links/attachments and be aware of who is sending you e-mails.  We have been sharing tips for remaining safe on Facebook and Instagram.