Loans Built for Business Owners
Local businesses are critical to the success of any community. At Bank of Herrin, we are proud to partner with local businesses to provide commercial loan solutions that allow them to grow and expand to better serve their customers, hire more employees, and make investments in the communities we serve across southern Illinois. Contact a member of our commercial lending team to discuss your business’s borrowing needs and find the right financing solution.
Bank of Herrin’s Commercial Loan Solutions
| Commercial Loan | What You Need to Know About This Loan |
|---|---|
Term Loans | Term loans are traditional loans that allow you to borrow at a fixed rate and have a steady payment throughout the loan’s term. |
Revolving Line of Credit | If your business has short-term capital needs or experiences seasonal changes in cash flow, a revolving line of credit can allow you to maintain cash flow throughout the year. You can borrow and only pay interest on what you borrow. As you repay the line of credit, it becomes available to borrow again. |
Commercial Mortgages | Whether your business is just starting, and you need space, or you need to expand because you’ve outgrown your current space, a commercial mortgage can allow you to purchase the space you need. |
Letters of Credit | Ensure you’re able to purchase critical things for your business, from supplies to inventory, with a letter of credit. A letter of credit provides verification to the seller and gives you legitimacy as a buyer because the transaction is backed by a bank. |
Conventional Line of Credit | A commercial conventional line of credit provides a fixed amount of credit to a business, similar to a traditional loan. Interest is charged on the entire amount borrowed, regardless of whether it has been repaid or not. |