BUSINESS BANKING

Summit Bank is Oregon’s Business Bank. Serving the Eugene, Bend, and Portland areas, we are dedicated to meeting the banking needs of businesses and professionals in our community. We know that you are the bedrock of our local economy, and we want to help you succeed. Our team’s intimate knowledge of the unique opportunities and challenges of doing business in Oregon ensures that decisions are made at the local level by people you know and trust.

Summit Bank has a full range of deposit services for your business including:

  • Exceptional customer service
  • Customized Business Online banking
  • Business Mobile Banking
  • ACH and wire transfers
  • Remote deposit service
  • Business Visa debit card with ATM access at designated ATMs
  • Drive-up banking
  • 24-hour deposit facility
  • Corporate credit cards
  • Courier services
  • Lockbox

We also offer Business Mobile Banking.

Our Business Advisors, Portfolio Managers and Associates customize loan requests to fit businesses credit needs.  Available loans include:

  • Business Lines of Credit
  • Equipment Term Loans
  • Commercial Real Estate Term Loans
  • Residential and Commercial Construction Loans
  • Standby Letters of Credit
  • Business VISA
  • Small Business Administration Guaranteed Loans

SMALL BUSINESS ADMINISTRATION OVERVIEW

Summit Bank’s SBA Division provides expert advice and counsel to small businesses throughout the 7(a) application process.  We ensure that the SBA conditions and requirements are met, making the loan process as fast and hassle free as possible.  We have a dedicated, specialized team ready and willing to help.

The U.S. Small Business Administration (SBA) is committed furthering the growth and development of small business nationwide, including our local communities.  Summit Bank obtains SBA guarantees through its 7(a) program to ensure we assist as many local small businesses as possible.  7(a) guaranteed loan helps small businesses receive funds for transactions that are difficult at times to finance with a conventional commercial loans.  Typical transactions include funds needed to purchase a business, expand an existing business with equipment financing and improvements and purchase owner occupied real estate.

SBA Resources

We are excited to help you with your SBA loan. Please provide the following information when submitting your loan request: cover letter, application, personal financial statement, and a business debt schedule. Click on the links below to access these forms. Should you have any questions please contact Ashley Horner at 541-684-7500 and she will be happy to assist you. We look forward to working with you.

BUSINESS LOANS

Summit is known for crafting customized banking solutions for business clients. In today’s financial environment, businesses face many common challenges including unpredictable cash flow cycles, or opportunities such as acquisitions and exploring new markets as your business grows. But most of all, demands on your time, which is why we provide solutions to make your banking convenient for you.

In this inaugural edition of the Summit Scope, we’re providing a quick primer on the kinds of loans and lines of credit that Summit Bank offers our clients. In describing each lending tool, we’ll point out the functionality and purpose.

Equipment Loans

For many clients, the right piece of equipment can mean the difference between success and failure. These days, however, with global supply chain issues and rising inflation, the cost of essential equipment has never been higher.

An equipment loan is often the answer for small- to medium-sized businesses that don’t have the capital on-hand for large purchases or who want to preserve working capital by spreading payments over a few years. Further, equipment doesn’t just mean heavy machinery. IT hardware or software are often some of the most important – and expensive – equipment necessary to compete in today’s business environment.

There are several big advantages of equipment loans. Because the equipment itself serves as collateral, it can be easier to get approved for an equipment loan. Additionally, an equipment loan can help a business conserve its all-important cash flow, and, of course, that shiny new piece of equipment is going to start generating revenue almost immediately.

It is, however, important to remember that an equipment loan can only be used for a specified piece of equipment. It’s imperative that you’ve done your homework to make sure the equipment you are taking out a loan for is the right one for your business.

Commercial Real Estate Loans

Commercial real estate (CRE) is a piece of property that produces income or is used to house a business. A retail center, industrial warehouse, an office building, an apartment complex, or a hotel all fit the bill.

Most commercial real estate is financed via a CRE loan to accommodate the initial acquisition, development, and/or construction of the property. Just as an individual or family would take out a mortgage for their home, businesses utilize a CRE loan to purchase business property.

While the ultimate goal of both a residential loan and a CRE loan is to acquire or improve property, there are some important differences.

The three biggest differences have to do with the party being loaned to, the length of the loan, and the loan-to-value ratio. CRE loans are mostly made to business entities vs. individuals. The length of a CRE loan is typically between five and 15 years (with payments amortized out for as long as 25 years), versus the standard 30-year mortgage for a home loan. Finally, the CRE loan-to-value ratio – a term describing the amount of the loan versus the value of the property – is usually 65% to 80%, whereas the loan-to-value ratio for a home loan can go as high as 100%.

Commercial Construction Loans

Differing from a CRE loan, a commercial construction loan assists with the costs needed to build a new property or renovate a property that a business already owns. Typically, these loans have shorter terms of between 12 to 24 months, are structured as non-revolving lines of credit, and are paid off at the end of construction with permanent financing (see Commercial Real Estate Loans). Lenders usually charge a higher fee for these loans due to increased oversight and, like lines of credit, the interest rate generally “floats” at the Prime interest rate plus a margin.

Commercial Lines of Credit

A line of credit (LOC) is a preset borrowing limit that can be tapped into at any time. It’s a lending tool for a business that may frequently need capital for such things as seasonal employees, large-scale equipment rentals and more. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again (these are known as “revolving” lines).

A LOC creates a ceiling of how much money a client can borrow from the bank. The borrower can generally access funds from the line of credit at any time, they just need to stay within the preset limit.

Lines of credit generally expire after one or two years and have interest rates that float at a set margin over the Prime Interest Rate.

Standby Letters of Credit

A standby letter of credit (SLC) is basically a guarantee in case something unforeseen happens that might interfere with payment between a buyer and seller. An SLC is essentially the bank standing in place of the customer. If the customer defaults, the bank guarantees that it will step in and pay the seller in place of the customer.

The procedure for obtaining a SLC is similar to obtaining a loan, where the business goes through an evaluation process. However, SLC’s are generally fully collateralized with cash deposits, which makes them easier to get approved.

INDUSTRIES WE SERVE

PROFESSIONAL SERVICES

We’re making partner.

At Summit Bank, your bottom-line is our top priority. Our local experts will provide you with a personalized experience to address your unique needs. We’ll work hard for you to find innovative solutions for your business needs such as financing for front-end projects or road-mapping unpredictable cash-flow cycles.

Let our diverse team of experienced bankers do what we do best, so you can do what you do best: care for clients.

Products:

  • Complimentary remote deposit
  • Interest bearing checking accounts
  • Courier service
  • Professional line of credit
  • Partner buy-in loans
  • ACH & Positive Pay

MANUFACTURING

Manufacturing Innovation. Distributing ease.

Our local experts at Summit Bank understand that, in your industry, there are no breaks. That’s why you’ll work with a team dedicated to helping you find ease. We understand that efficiency and creativity are the difference between surviving and thriving through the highs and the lows. Just like you, we take dynamism personally.

Connect with a business expert at Summit Bank to learn about how our supply chain can work for yours. We’ll be there to celebrate the wins and identify and defend against the challenges so you can do what you do best.

Products:

  • Complimentary remote deposit
  • Interest bearing checking accounts
  • Courier service
  • ACH & Positive Pay
  • International and national wires

MEDICAL & DENTAL

Practice makes perfect.

Let us treat you to our client-centric approach to banking. At Summit Bank we understand that your bank needs to be dynamic, just like you. We’ll pair you with our experienced healthcare specialists who understand the breadth and fast-paced nature of your industry. Together, we’ll help you make sustainable goals to grow and thrive through the change. Whether you need an advisor in between teeth cleans, surgeries, or while caring for Fluffy, we have a local expert to care for you and your team.

Links below will take you through everything you need, whether you’re looking to fund new equipment or an acquisition, our comprehensive plans and educated experts are with you every step of the way. We’re in the business of healthy business.

Products:

  • Professional line of credit
  • Complimentary remote deposit
  • Interest-bearing checking accounts
  • Courier service

NON PROFITS

Mission-Statement Driven.

At Summit Bank, we believe in the power of community. When you choose to partner with us, you can rest assured that every person you work with on our team is dedicated to service, integrity, and opportunity. Like you, we believe that investing in our communities is the best way to give back. When organizations like yours thrive, we all flourish. We’re driven by innovation and flexible solutions to the challenges your organization faces, from cash management to creating and maintaining a social enterprise. At Summit Bank, you always have more than a banker: you have a partner.

We like to give back to our communities, too. Summit Bank matches donations up to $250 for all of our colleagues, and offers 24 hours of paid volunteer time a year. Let’s work together for a better community.

Products:

  • Community Builder Money Market
  • Complimentary Remote Deposit
  • Feeless, Interest Bearing Checking Accounts
  • Courier Service
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