Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

First Home Bank business loans review

Get up to $5 million with this SBA Preferred Lender.

finder.com’s rating: 4.5 / 5.0

★★★★★

First Home Bank is a regional bank based in Florida. It offers a wide range of business financing, including government-guaranteed Small Business Administration (SBA) loans. But it doesn’t have much of a website, and you can’t apply online — your best bet is to call or visit a branch if you’re interested in working with this lender.

Details

Min. Amount$50,000
Max. Amount$5,000,000
Loan Term7 to 25 months
RequirementsFirst Home Bank doesn’t advertise specific eligibility requirements for its business loans. But you’ll need to be in a state where First Home Bank issues loans.

First, do I qualify?

First Home Bank doesn’t advertise specific eligibility requirements for its business loans. But you’ll need to be in a state where First Home Bank issues loans:

  • Florida
  • Idaho
  • Indiana
  • Kansas
  • Maryland
  • Massachusetts
  • New Jersey
  • New York
  • Ohio
  • Texas
  • Washington

You’ll also have to meet the standard requirements set by the Small Business Administration (SBA) if you want to apply for a government-backed loan. First Home Bank may have additional eligibility requirements.

What makes First Home Bank business loans unique?

First Home Bank can be a great source for government business loan programs. It’s a member of the SBA Preferred Lender Program (PLP), which means it has the authority to underwrite, process and issue SBA loans itself, rather than going through the government. This often translates into a faster, more streamlined borrowing process than you might get with other SBA lenders.

The SBA only grants lenders preferred lender status after they have a track record showing they understand the policies and procedures of this government-backed program. And First Home Bank has experience with a wide range of SBA loans, including 7(a), 504 and International Trade Loans. It also offers financing through the US Department of Agriculture Business and Industry (USDA B&I) Loan Program.

Pros

  • SBA Preferred Lender means a more streamlined application
  • Offers SBA 7(a), 504, International Trade and USDA B&I Loans
  • Small banks have a higher approval rate

Cons

  • Little information available online
  • Potentially long turnaround time
  • Customer service wouldn’t disclose information about rates or terms over the phone

Compare other business loan options

Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

National Funding business loans
Finder Rating: 4.75 / 5: ★★★★★

National Funding business loans
$5,000 – $500,000
4% to 8%
Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.
Working capital loans and equipment financing, some high-risk industries may be eligible.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Bitty Advance business cash advances
Finder Rating: 2.8 / 5: ★★★★★

Bitty Advance business cash advances
$2,000 – $25,000
Not applicable
$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score
With APRs in the triple digits, this is best saved as a last resort.
loading

Compare up to 4 providers

How do I apply?

You can apply over the phone or in person. If you’re going in person, you might want to call ahead and find out what documents you need — though not all locations have phone numbers.

Follow these steps to find out who to contact to start your application:

  1. Go to the First Home Bank website.
  2. Click Locations in the top menu.
  3. Scroll down to find a loan production office in your area.

Call the number or stop by your local office to get started on the application. SBA loan applications are typically much more involved than other types of business loan applications. Even with a preferred lender, it can take at least a few weeks.

What documents do I need to apply?

First Home Bank doesn’t disclose what documents it requires — and often, it depends on the business. But you might have to provide the following documents at a minimum:

  • Business tax returns
  • Personal tax returns
  • Profit and loss statement
  • Business debt schedule
  • Financial projections

How do repayments work?

Your repayment terms will be outlined in your loan documents. Typically, SBA loans come with monthly repayments. Ask your First Home Bank loan specialist if you can sign up for autopay so you don’t have to take the time to manually make repayments each month.

If you have any questions or concerns about your loan repayments, reach out to customer service as soon as possible.

See how First Home Bank compares to other lenders with our guide to business loans.

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

First Home Bank is ideal for businesses based in Florida or one of the other 10 states it services looking for government-backed financing. As an SBA Preferred Lender, it’s able to offer a more streamlined application process. And small banks like First Home are known to have a higher approval rating than other SBA lenders.

But you’ll have a hard time finding much information online or even through its customer service line. Though with something as complicated and time-consuming as an SBA loan, it can be more useful to apply in person anyways.

Don’t live near a First Home Bank branch? Compare your other business loan options.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site