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Bank Five Nine (formerly First Bank) SBA loans review
This SBA Preferred Lender offers a variety of programs, but you can't apply online.
Bottom line. Bank Five Nine serves business in all 50 states. But branches are only located in Wisconsin — and there’s no easy way to apply online. Get our 30-second take or read the full review.
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Details
| Max. Amount | $5,000,000 |
|---|---|
| Loan Term | 84 to 300 months |
| APR | Varies |
| Requirements | Meet standard SBA loan requirements |
Our take on Bank Five Nine business loans
Bank Five Nine — formerly First Bank Financial Centre — is a Small Business Administration (SBA) Preferred Lender and one of the top 100 SBA lenders based on its loan volume. Because of this, it's able to finance your loan faster than other lenders out there. It offers a wide variety of SBA loans, including the popular SBA 7(a), Express and Working Capital CAPLines programs. And unlike many lenders, its loans are available to businesses in all 50 states.
But there's no online application and like many banks, Bank Five Nine's doesn't disclose rates and fees online. To learn more about its SBA offerings you need to get in touch with one of its representatives.
It's also not ideal if you live outside of Wisconsin and prefer in-person customer support — it doesn't have branches in any other states.
Not sure Bank Five Nine is right for you? Compare other options below.
Pros
- SBA Preferred Lender means it’s faster than other lenders
- Participates in five SBA programs
- Available in all 50 states
- Other types of business loans available
Cons
- Very little information available online
- No online application
- Only has branches in Wisconsin
When did First Bank Financial Centre change its name to Bank Five Nine?
In 2020, First Bank Financial Centre rebranded itself to Bank Five Nine. According to its website, this change is meant to reflect its unique structure and options. But as for its lending options, nothing has changed.
Bank Five Nine rates, fees and terms
Like most banks, Bank Five Nine doesn't publish rates and fees for its business loans. The SBA sets caps on rates and fees for government-backed loans — but not traditional business loans.
Reach out to a Bank Five Nine representative with specific details about your business and funding needs to learn about potential rates and the fees your business can expect to pay.
Compare other business loan options
Unlike Bank Five Nine, these lenders all offer online applications. You can get started by comparing lenders' loan amounts, APR and minimum requirements.
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What other business loans down Bank Five Nine offer?
On top of SBA loans and traditional business loans, Bank Five Nine also offers:
- Business lines of credit. Short-term working capital available with one-year terms and interest-only payment options.
- Commercial real estate loans. Finance a warehouse, multifamily property, industrial building and more with a fixed- or floating-rate commercial real estate loan.
- Standby letters of credit. Used in place of bid and warranty bonds, Bank Five Nine may be willing to give you a standby letter of credit that guarantees payment or performance.
- Business credit cards. A good choice if your business doesn't need a line of credit but could still use flexible financing.
Bank Five Nine reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 1 customer reviews |
| Customer reviews verified as of | 18 November 2021 |
There isn't much out there about Bank Five Nine. It doesn't have a Trustpilot page, and its Better Business Bureau (BBB) page only has one review from 2019. You may be able to find reviews of a specific branch on Yelp, but otherwise, you won't know how it treats its borrowers until you reach out to customer service.
How to qualify
Bank Five Nine doesn’t list eligibility criteria on its website. Instead, it judges businesses on a case-by-case basis. However, you’ll still need to meet standard SBA loan requirements at a minimum.
How the application works
Bank Five Nine doesn’t have an online application. To set up an appointment with one of its commercial lenders, visit its website and go to the Business Lending page. From here, you can contact a commercial lender directly or filter lenders by county.
What documents do I need to apply?
Bank Five Nine doesn’t list any documents you’ll need to apply. You’ll need to ask your Bank Five Nine SBA specialist when you call or email them to start the process.
How do repayments work?
Your repayment schedule will be based on the type of SBA loan you borrow, though most come with monthly repayments over a fixed number of years. Fees will also vary depending on the type of loan you opt for, so review your loan agreement or talk to your Bank Five Nine lending specialist for more information.
What sets it apart
Bank Five Nine stands out thanks to its status as an SBA Preferred Lender. This means it’s able to underwrite, process and issue SBA loans itself.
Because of this, it has a faster turnaround time than non-preferred lenders. On top of this, it offers a variety of SBA loans, including the SBA 7(a), Express and 504 programs.
