Business finance small zion
Zion is basically a lending institution in the United States that provides financial assistance to various small business enterprises. The financial assistance that is being provided by Zion is known as the Zion Small Business Finance or ZSBC. Zion does not provide any loan directly to the small business enterprise and rather it provides the credit facilities through the guarantee given for different types of loans by the government.
Zion is a division of the California Bank and Trust, which itself is a wholly owned subsidiary of Zion Bancorporation. It is basically a multi bank holding company and the asset size is about $28 billion.
The headquarters of Zion is at St Louis, Missouri. It has also nine additional offices across the nation and its staff comprises highly trained lenders, analysts and the executives that are fully dedicated towards taking Zion to new heights by achieving various set goals.
Different Types of Loans Being Offered By ZSBF
There are many purposes for which the loans are being provided by the ZSBF. The first one is the Real Estate. Any small business entrepreneur dealing in real estate business can easily opt for the real estate loans from ZSBF. These are basically long term loans that attract a fixed rate of interest. If a person wishes to acquire any real estate for the purpose of business, he is also eligible to take the loan as far as the purpose is concerned.
Zion Small Business Finance provides loans for the purchase of equipment. Any small business person that wishes to buy equipment for a small business enterprise can easily contact Zion to get the required finance. It is also given for purchasing any other fixed asset that is to be used in the small business enterprise.
Zion also loans the Working Capital. This facility is provided to a person for the purchase of inventory and fulfilling other working capital needs that are required for the expansion or the acquisition purposes.
Zion also sanctions loans for refinancing. If any small businessperson wishes to get his earlier loan taken for the small business purpose refinanced, he can easily contact the Zion Small Business Finance.
There are many aspects that make Zion better than other financial institution in the system. Apart from providing the government guaranteed loans, the other aspect that makes Zion different from others are its fast and prompt service that it provides to all its customer. Zion being a SBA preferred lender, it can easily approve the SBA loan application of its customers and the different business and industry programs that it runs.
Zion does 90% financing; has longer repayment periods, sometimes up to 25 years; has fully amortized loans and thus no balloon payments have to be made; provides personal assistance; and has a competitive rate of interest which is indeed the most important characteristic of Zion loans.
Obtaining a Loan From Zion
The first step towards getting a small business loan from Zion is the filling of the application, which is known as the pre-qualification letter. All the eligible candidates are required to fill this application or the letter of interest for obtaining the loan, which outlines the major aspects of the loan. After giving all the information as required in the application, a person has to submit the application. After the receipt of the various applications, these are submitted to the various underwriters of Zion and it takes about 5 days to process the application. The applicant is informed accordingly about his loan application after that.
The ZSBF helps the various small business persons is financing their business needs by way of SBA 7(a) loans. These loans are based on the number of employees as well as the loan amount. Zion also provides small business financing through the Department of Agriculture by way of Business and Industry (B and I) loan programs for the borrowers that require more flexibility and who are located in the areas with population of 50000 or less.
As far as contacting Zion is concerned, it is to be noted that the ZSBF is providing loans to various small business enterprises in the states of Ohio, Michigan, Washington, Oregon, Kansas, Illinois, Florida, Georgia, Arizona, Colorado, Nevada, New Mexico, South Carolina, Utah, Idaho and Alabama. The loan requests that are made in the above states are considered on case by case basis. These are further referred to the Zion Bancorporation affiliate in the concerned area.
If you are a small business entrepreneur and if you wish to start up or expand your own business enterprise, you can contact Zion at any of the states mentioned above. There are different types of credit facilities that are available from Zion as discussed above.
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