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THE SITUATION: COMPLEX SBA REFINANCE FOR CPA FIRM

A national CPA firm sought to restructure existing unsecured debt, commercial real estate debt, and purchase additional commercial real estate for a CPA firm it had recently acquired in another market. The beauty of this deal was lost on conventional lenders, however, the First Business Bank SBA team immediately saw the opportunity to structure all the debt with SBA 7(a) and 504 program.

Conventional Roadblock

With unsecured debt in excess of $3.3MM, comprised of permanent working capital loans and partner buyout installment loans, the CPA firm’s conventional lenders couldn’t figure out how to structure the refinance.

Complex Requirements

The CPA firm’s corporate office building needed to refinance a balance of $1.4MM and obtain additional funding for buildout improvements.

Additional Considerations

The purchase of the smaller CPA firm included an existing office condo. In addition, managers of the CPA firm wanted access to a business line of credit.

THE SOLUTION: 7(A) AND 504 SBA LOANS FROM FIRST BUSINESS BANK

First Business Bank, an SBA-designated Preferred Lending Partner, provided two 7(a) loans, a 504 loan, and an SBA Express Line of Credit to accomplish the clients’ goals and provide monthly cash savings of over $20,000.

Complex Consolidation

First Business Bank provided a $3.4MM SBA 7(a) loan to refinance the firm’s unsecured debt, including remaining buyouts of five partners who were receiving monthly payments.

Competitive Rates

First Business Bank offered competitive rates and terms for a 504 refinance of $1.4MM, which included refinancing of all mortgages, buildout, and renovation funds.

Complete Package

Using the SBA 7(a) program, First Business Bank provided a $260,000 loan to purchase the office condo. The bank also provided a $250,000 SBA Express Line of Credit.

"I was so glad we could get this deal done for our client. It was complex but WE GOT IT DONE – $5.3MM IN LOANS IN RECORD TIME. That First Business Bank closed this complicated deal during the COVID-19 pandemic speaks to the experience, creativity, and flexibility that truly set our team apart from other lenders.

— Cesar Jimenez, SBA Business Development Officer, First Business Bank

WANT TO LEARN MORE?

Let’s talk. Contact your First Business representative today or visit firstbusiness.com/sba.

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Access to Online Private Banking is intermittently unavailable; users may not be able to access it at this time. We are working to restore access as soon as possible. If you have questions, please contact us at: 855-257-4149.

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NOTICE

Access to Online Business Banking is intermittently unavailable; users may not be able to access it at this time. We are working to restore access as soon as possible. If you have questions, please contact us at:

• Wisconsin Region: 608-232-5938
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To set up Mobile Banking, please contact our Treasury Management Support team at 608-232-5938. We will alert you when courier service is available again. Thank you.