Frontier Bank, subsidiary of Frontier Financial Corporation (NASDAQ: FTBK) announced the opening of a new SBA Loan Department located at its headquarter in Everett, Washington.
The department will focus on making U.S. Small Business Administration (SBA) 7(a) loans to eligible business and professional firms throughout Frontier Bank’s 50-branch network.
7(a) loans are SBA-guaranteed loans. Financing can be obtained for general business purposes, including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions).
Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets. Local banker Robert Bryce will establish the department. Assisting Bryce will be Philip Castillo.