Your Local Business Loan Specialists
As an independently owned bank, we understand your position as a current or prospective business owner. With customer demands increasing and markets ever-changing, you’ll need an agile approach to financing.
This is why for all commercial loan applications, our lenders take the time to understand your entire financial situation and base their loan decision on more than just your credit score. With branches located all across Alabama, we specialize in helping you get your business up and running.
Business Financing With Your Best Interests at Heart
At EvaBank, our loan decisions take your entire financial and credit situation into account, ensuring we find the best solutions for achieving your business goals. Even though a bad credit score might impact your repayment options and rates, our final approval decision will always be based on the ‘bigger picture’ of your financial health.
If you’re interested in a commercial loan to set up or expand your business, it’s also good to know that our terms range up to 300-month amortization with variable rate options available.
As your lender, we want to ensure your business has the best possible chance of being successful from day one. This is why it’s always good to speak with our team directly to find out more about the flexibility of our lending services.
We offer a range of loan options that can be adapted to your financial standing — just get in touch to find out more!
Want to Pay Off Your Loan Early? No Problem!
If your business gets off to a better start than expected and you want to pay off your loan early, EvaBank loans have no prepayment penalties. Why? We see no reason to penalize you for getting ahead in life — in fact, we’ll do everything we can to help that happen!
Another great benefit of an EvaBank commercial loan is that you only need to pay interest on the amount outstanding on your loan, and only for the length of time you have the loan.
Get Rewarded for a Higher Down Payment
While the approval of your commercial loan will be determined by your overall financial standing, your credit score and down payment may influence the interest rates offered to you.
So, even though the minimum down payment on an EvaBank business loan is often around 15%, a higher down payment can also present opportunities for more competitive rates.
The Commercial Loan Application Process
Investing in your business can be an exciting time. This is why we want to help you get started as soon as possible!
Step 1:
After connecting with our lenders and providing us with some important details, we’ll evaluate your credit score and your overall financial situation.
Step 2:
After this, we can give you more information about the type of loan you qualify for and the rates to expect.
Step 3:
Before proceeding further, we’ll give you time to prepare your down payment. For most commercial loans, the minimum down payment is 15% but your lender will be able to provide more information on this during the application process.
Step 4:
Once we have everything we need, we’ll be in touch so you can start planning how your commercial loan can benefit your business.
Frequently asked questions
Will a bad credit score mean automatic dismissal of my application?
While your credit score can impact your rates and down payment options, we take your entire financial and credit situation into account to determine the best route for fulfilling your goals. While a good credit score definitely helps, our final loan decisions are more comprehensive than this.
Do you offer rewards for a higher down payment?
For our commercial loans, the minimum down payment amount is usually 15%. However, if you’d like to pay more than this, your lender can discuss more competitive interest rates and terms. Speak with a member of our team to find out more!
Can I pay off my business loan early without penalties?
You can! At EvaBank, all of our loans offer no prepayment penalties. This gives you the freedom to adapt your finances as your business grows.
Can I get a loan without being a current user of your banking services?
To get preapproval for an EvaBank loan, you don’t need to be a current bank member. That said, our banking services offer many benefits for both personal and business customers. You can find full details of our services on our website or by contacting our team.
A financial partner that’s ready to support your business.
For all inquiries, see links below.
Please contact the main EvaBank office located at 1710 Cherokee Ave SW., Cullman, AL 35055 for HMDA disclosure statement requests.
