OPEN AN ACCOUNT TODAY!  •  CALL 361-888-9310

Paycheck and Loan Assistance

We’re Here For You

At First Community Bank, we understand how difficult it is for business owners to be so disrupted or shut down due to the current COVID-19 situation.

  • As an SBA Preferred Lender, our SBA department is knowledgeable and eager to help you with a number of SBA loan programs, whether you are a current FCB customer or someone in search of some guidance. 
  • If you are a current FCB customer, please note that a 90-day deferral of both principal and interest may be available for business loans.

Federal Assistance In Response To COVID-19

In response to the economic effects of COVID-19, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020. FCB has been proactive in helping customers through this time. As we continue to receive information and guidance on these new programs, we urge you to contact your Servicing officer to learn more about how we may be able to help.

Paycheck Protection Program (PPP)

These are 100% federally guaranteed loans to small businesses available through FCB. A portion of the loan may be forgiven if borrowers maintain their payrolls during the crisis.

Who is eligible?

  • A small business with fewer than 500 employees
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

How much can I Borrow?

  • Up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million

Where To Begin

As of April 16, 2020, the SBA is currently unable to accept applications for the PPP. This program is fully funded nationally. **Updated 4/3/20

Economic Injury Disaster Loans (EIDL)

SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. 

Who is eligible?

  • Small business with less than 500 employees
  • Sole proprietorships
  • Independent contractors
  • Self-employed persons
  • Private non-profit organization or 501(c)(19) veterans organizations

A few key elements of EIDL:

  • Working Capital Loans up to $2 million
  • The interest rate is 3.75% for small businesses, 2.75% for non-profits
  • May be used to pay fixed debts, payroll, accounts payable and other bills
  • No cost to apply
  • Long-term repayment options
  • One-year payment deferral is available
  • Refinancing of existing debt is not permitted

Economic Injury Disaster Loan Emergency Advance

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

Who is Eligible:

  • Small business with less than 500 employees
  • Sole proprietorships
  • Independent contractors
  • Self-employed persons
  • Private non-profit organization or 501(c)(19) veterans organizations

A few key elements of EIDL Advance:

  • Small business owners are eligible to apply.
  • Provide economic relief to businesses that are currently experiencing a temporary loss of revenue.
  • This loan advance will not have to be repaid.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program

To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.

SBA Express Bridge Loans

Who is Eligible:

Small businesses who currently have a business relationship with an SBA Express Lender

A few key elements of SBA Express Bridge Loans

These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

7(a) Loan Guarantee Program:

A few key elements of 7(a) Loans

Use of Proceeds:

  • Real estate acquisition, construction or refinance— usually up to 90% financing
  • Business acquisition— usually up to 80% financing available
  • Equipment acquisition
  • Debt refinance
  • Start up business

Terms:

  • Up to 25 years for real estate financing
  • Up to 10 years for equipment or business acquisition financing
  • Up to 7 years for long-term working capital
  • Loan Amounts from $25,000 to $5,000,000
  • Eligible Business and Property Types
  • Almost all types of for-profit business and commercial properties are eligible. Certain restrictions and special conditions may apply to specific program utilized.