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1st Colonial Community Bank loans review
A two-branch New Jersey bank offers the basics to local business owners.
Bottom line: This small bank offers a wide range of SBA loans and real estate financing — with a personal touch. But acquisitions are common for banks of this size.
Details
| Types of loans available | Lines of credit, business acquisition loans, SBA loans, commercial construction loans, commercial real estate loans, personal loans, vehicle loans, home equity lines of credit, mortgages |
|---|---|
| Online applications | No |
| Number of branches | 2 |
| Customer service hours | 8 a.m. to 5 p.m. |
| Customer service options | Phone, email |
| Mobile app | Yes |
| Routing number | 31207869 |
Pros
- Offers SBA 7(a), 504 and Express loans
- Displays personal loan rates online
- Strong involvement in community
Cons
- No standard term loan program outside of SBA loans mentioned online
- Only two branches
- No weekend hours at Westville branch
Our take on 1st Colonial Community Bank
As a community bank, 1st Colonial has a lending program designed to serve local business owners. It offers short-term solutions, like working capital lines of credit, along with SBA loans and other longer-term financing. And it's all provided by a bank deeply rooted in your local community.
Because it's hyper local, there are only two branches in New Jersey — Collingswood and Westville. And while the Collingswood branch is open for a few hours on Saturday, the Westville branch is only open during standard business hours from Monday through Friday.
If you're local and you can work within normal business hours, 1st Colonial Community Bank may be a great option. But if you need your funds in a hurry, a standard term loan or you're not local check out other providers.
Offers 5 standard business financing options
- SBA loans with financing from $20,000 to $5 million through the 7(a), 504 and Express programs.
- Working capital lines of credit with access to cash to cover short-term business costs like purchasing inventory.
- Business acquisition term loans designed to help your business purchase another company.
- Commercial construction loans for making improvements or building a new facility.
- Commercial real estate loans to buy land or a facility for business use.
Apply with a loan officer
Get started on your loan application by setting up an appointment with a commercial loan officer. If you're interested in an SBA loan, contact the SBA loan department at 856-427-1136, ext. 136 or msoldano@1stcolonial.com. Otherwise, send an email to a 1st Colonial Bank's commercial loan officers.
Typically your loan officer will go over your business's finances and work with you to come up with the right loan for your business's needs. This process can take a few weeks the first time around. But as your loan officer gets to know your business, future rounds of funding tend to have a faster turnaround.
Get started online searching the contacts for lenders
Here's how to find the contact information for 1st Colonial's commercial loan officers.
- Go to the 1st Colonial website.
- Choose Business in the main menu and select Business lending.
- Hit Meet our lenders to get the contact information for any of its commercial lenders.
See more business loans
Check out how 1st Colonial Community Bank stacks up against select online lenders.
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1st Colonial Community Bank reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| Glassdoor | 3.8 out of 5 stars, based on 2 customer reviews |
| Indeed | 3.5 out of 5 stars, based on 2 customer reviews |
| Customer reviews verified as of | 28 October 2021 |
1st Colonial Community Bank doesn't have any online customer reviews with sites like the Better Business Bureau or Trustpilot. This is normal for a bank of this size. Get an idea of what you're signing up for by reaching out to other business owners in your community.
Limited online reviews
There are only a few online employee reviews, which are mixed. One loan officer complains that they were rushed to close loans and didn't always properly evaluate applications. But with so few reviews, it's hard to make any kind of judgment on the rate of employee turnover, which can impact your experience as a borrower.
5 other services 1st Colonial Community Bank offers
You might want to sign up for a few of these products for your business and yourself if you choose to become a 1st Colonial customer.
- ACH and wire transfer
- Checking and savings accounts
- Merchant services
- Personal safe deposit boxes
- Positive pay
1st Colonial has 2 branches in New Jersey
Collingswood branch
856-858-8604
1040 Haddon Avenue
Collingswood, New Jersey
08108
Westville branch
856-456-6544
321 Broadway
Westville, New Jersey
08093
1st Colonial Community Bank history
1st Colonial Community Bank is relatively new compared to other local banks. It's only been around for two decades — and only has two branches outside its main office.
Banks this small rarely stay that size. It's likely that 1st Colonia Community Bank will either acquire or be acquired by another community bank in the area. This can affect your experience as a customer.
You might not be working with the same team or have the same options after a merger. Avoid this by working with a slightly larger, more established bank.
Compare more lenders by visiting our guide to the best business loans of 2020.