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Q & A : Loans

Question and Answer about Loans

SBA Loans


Each loan can vary but the down payment can be as low as 10%.
No, First IC Bank can cover loans nationwide.
If the prospective owner of real estate own and operate more than 51% of business located in the subject building, SBA loan is possible.
Maximum loan amount allowed for SBA 7(a) loans for one borrower is $5,000,000.00.

Commercial Loans


Each loan can vary depending on the financial strength of the borrower, but the down payment can be as low as 20%.
No, First IC Bank can cover loans nationwide.
Lower loan fees and interest rate may be available.

Personal Loans


Auto loans, CD secured loans, and credit card loans are available.
No, we currently do not have a program for unsecured personal loans.

Home Loans


The amount needed for a down payment will vary from one mortgage product to another. There are other costs though involved in purchasing a home that many buyers don't realize. In addition to the down payment, buyers also need to consider costs such as an appraisal cost, home inspection cost, and other various costs.
The amount of time it takes for a mortgage to get approved and financed will vary. On most cases able to get a mortgage financed within 30-45 days from application.
The documentation that is required to get a mortgage will vary from buyer to buyer. For the most part however, the documentation that is required to get a mortgage will be similar. When formally applying for a mortgage, there will be some initial documentation that will be required.
• Driver’s license
• Bank and Asset statements
• Fully executed purchase contract
• Income information
- Name address Phone number of employer
- If self-employed proof business has been in business 2 years
- P&L for rolling last 12 months
• Copy of an earnest money deposit check