Frequently Asked Questions
What is a CalCAP Loan?
The California Capital Access Program for Small Business (CalCAP) allows small businesses access to capital under loan terms they may not otherwise qualify for. CalCAP is a loan loss reserve program that gives lenders an added level of confidence to lend to businesses. For more information about PEB’s CalCAP opportunities, check out the services we provide through CalCAP here and get in contact with a representative!
What is a PEBCap Loan?
Similar to CalCAP, a PEBCap Loan allows small businesses access to capital under loan terms they may not otherwise qualify for. It also has a loan loss reserve program, but held on the Bank balance sheet, that gives lenders an added level of confidence to lend to businesses. A PEBCap Loan does not have as many restrictions as a CalCAP loan thus providing more loan structure flexibility. For more information about the PEBCap loan, please click here to contact a representative.
What is an SBA Loan?
SBA loans are small-business loans issued by participating lenders that are aimed at helping business owners grow or maintain their business. These loans, depending on loan amount, are guaranteed by the Small Business Administration (SBA) which allows a bank to offer competitive rates and terms that are more manageable for small business borrowers than other types of financing available to them. These loans are a great financing option for expansion, commercial real estate refinance, commercial real estate purchase, equipment refinance, equipment purchase, debt consolidation, working capital and inventory purchase. Check out our SBA Loan options and contact one of our representatives to get started with your SBA Loan Application today.
Why would I use a SBA 7a Loan versus a SBA 504 Loan?
The SBA 7(a) loan is the SBA’s most popular loan program. This loan is best to take out if you want to access working capital, purchase furniture and fixtures, make leasehold improvements, or acquire an existing business.
The SBA 504 loan is best to take out if you need to finance the purchase of land or existing buildings, the improvement of land or existing buildings, the purchase of ground-up construction on commercial real-estate, or the purchase of heavy equipment or machinery to operate your business.
What are California’s Earthquake Retrofit Requirements and when must they be completed by?
In 2015, Los Angeles approved a new law requiring vulnerable “soft-story” buildings to be secured in the event of an earthquake. These retrofits must be made within 7 years of receiving a compliance notice. These loans can be used for, but not limited to: anchoring the structure to the foundation, bracing crippling walls, bracing hot water heaters, installing automatic gas shut off valves, anchoring fuel storage and repairing/reinforcing the foundation. For more information, please see our Earthquake Retrofit page.
What is Commercial Insurance Premium Financing and how does it work?
Insurance premium financing provides loans for businesses for their property and casualty insurance policies. These loans are short term and are renewed on an annual basis. For more details check out our Premium Finance page or get in touch with a member of our Premium Finance Group.
What is a Certificate of Deposit (CD)?
A Certificate of Deposit is a term deposit account. Terms may range from 7 days to 5 years, each term earning a competitive interest rate. Rates are based on the amount of deposit and time invested; often higher rates are given for longer terms to increase your earnings. Explore our business and personal CD terms today!
What is CDARS?
CDARS is a service to provide customers with multi-million dollar FDIC insurance coverage - and it happens to be the easiest, most convenient way to protect large deposits. Everything is handled through one bank. Your large deposit is broken into smaller amounts and placed with other FDIC insured banks that are members of the CDARS Network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum, so that your investment is eligible for FDIC protection. Find out how Pacific Enterprise Bank and CDARS can assist you!
What is Owner Occupied Commercial Real Estate?
Owner Occupied Commercial Real Estate is real estate used by the same business that owns the property. The revenue of the underlying business controls the options for Owner Occupied Commercial Real Estate Loans. To find out more, head to our Owner Occupied Commercial Real Estate page and get in touch with one of our representatives!
What is Investment Commercial Real Estate?
Investment Commercial Real Estate is real estate that is not being used by the owner of the property. Instead, the owner of the property aims to profit off of the property’s value by renting it out, refinancing, or purchasing more property. Find out about how Investment Commercial Real Estate can benefit you by reaching out to the listed PEB employee to get started today!
What will I need to apply for a loan?
As far as financial and legal documents, be prepared to share your personal and business income tax returns, balance sheet and income statement, personal and business bank statements, commercial leases, business licenses, articles of incorporation, a resume that shows relevant management or business experience and financial projections if you have a limited operating history.
What is considered a small business?
The SBA has set standards for a small business. To see if your small business qualifies, refer to the SBA standards: https://www.sba.gov/sites/default/files/files/Size_Standards_Table.pdf
If you qualify, check out our SBA Loans and get in contact with a PEB representative to get started!
What are Money Market accounts?
Money Market accounts are a variable, tiered rate deposit product that offers limited transaction activity at a competitive rate of interest. At Pacific Enterprise Bank, we offer both Business and Personal Money Market accounts to suit your saving needs!
How can I get a Business Loan?
To start the process of obtaining a loan through Pacific Enterprise Bank, check out our variety of loan products that could best serve your business or reach out to us and inquire about your desired loan!
How can I set up a Checking account?