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SBA Loans

Frequently Asked Questions

Why should my business use an SBA Loan?

The SBA's guaranty allows BancFirst to provide financing to businesses which might not otherwise qualify for conventional bank financing.

May I pay off credit card debt with an SBA loan?

SBA loans can only be used for business related purposes. Payment of personal debt is ineligible. Credit card balances may be paid if the charges were for business related purposes.

Do I have to be declined for a business loan before applying for an SBA loan?


What about past credit problems or bankruptcy?

Past credit problems will be considered on a case-by-case basis.

Can I use an SBA loan to pay past-due payroll or sales taxes?

No. Applications will not be considered with past-due sales and payroll taxes.

Can I finance residential or business rental property with an SBA loan?

No. SBA loans can only be used to finance owner occupied business real estate.

What are the advantages of an SBA loan for my business?

SBA loans provide for longer terms, reduced debt service requirements, improved cash flow, fully amortizing loans, no balloon payments or prepayment penalties.

Can I include my closing costs in the loan proceeds?


Can I refinance my existing bank debt with an SBA loan?

Yes, if the refinance includes significant economic benefit to your company and your current lender is not in a position to sustain a loss.