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Loans

Our loan officers specialize in commercial lending. Let them help you with all of your financial needs! They will provide advice and guidance to help your business become established and to grow profitably.

Contact our Business Services Team today!

Financing programs include:

  • Loans for equipment and computer purchases, inventory management, and operating capital
  • Loans to finance acquisition activities
  • Commercial real estate mortgages to construct, improve, refinance, or purchase property and improvements
  • SBA loans
  • State of Ohio Mini-Loan program
  • Revolving credit and lines of credit
  • Domestic and international letters of credit
  • Corporate Visa Credit Card

Ask the Lender

Should I Buy or Lease a Building for My Business?
Steve Ritter

Al Saylor, VP/Business
Banking Officer

There are pros and cons to buying or leasing a facility for your business. As a business owner, it's important to think about a few things:

  • How long do you think you want to be in that particular building or location?
  • Will you eventually outgrow it?
  • Are you willing to take on long-term debt?
  • Will you want to maintain ownership of the building even if you sell your business?
  • Could you consider leasing space to another company for extra income?

Estimating the anticipated growth of your company and the amount of time you think a particular building will meet your needs is a big consideration. If you foresee your building being adequate for 15 years or more, purchasing may be the right option for you. You will build up equity and have the opportunity to rent space to another company for extra income if you have additional square footage available.

If you think you’ll outgrow it soon and don’t have the ability to add on to your current space, leasing may continue to be the better option. Leasing also provides the benefit of lower overhead for your business and you can often write off the payment for tax purposes.

Looking ahead to when you’re ready to retire, if you own the building, you will need to consider if you will sell it along with your business or maintain ownership of the building itself. How close you are to retirement may also play a role in deciding whether or not you’re willing to take on the long-term debt real estate offers.

Due to the recession, the inventory of commercial buildings for sale is larger than in the past and thus, prices may be low enough to make purchasing a good business decision. Rates are still historically low and we work with the SBA and other local financing programs to provide you the most affordable option. Consult your accountant to determine if purchasing or leasing might be the best option for you, then give us a call!

Ask the Lender

How long will it take to find out if I'm approved for a commercial loan?
Steve Ritter

Rick Beverly, SVP/Findlay City President & Commercial Lender

This is a great question! Being a locally owned privately held community bank we have an advantage over some of our larger competitors with local decision-making on our loans. We always want to get an answer back to our clients as soon as we can and we have a loan committee that meets weekly. The time frame will vary based on what is being used as collateral and the size of the transaction.

If you are purchasing a piece of equipment for $100,000 it may only take a couple days to get the loan closed and have the check in-hand. But let's say you are purchasing a parcel of commercial or agricultural land and the loan amount is $1 million. This loan may take a while longer because of a few extra steps we will need to take due to regulatory requirements such as a new appraisal and title (search) opinion on the property. Through this process it may take an average of three to five weeks to close, depending on how quick we get these items completed.

The other factor that will determine Citizens' turnaround time is if we already have your current financial information, such as tax returns and financial statements, or if we need to collect this information from you. If we have this information on file, we can get the loan application started right away, which will speed up the underwriting and closing process. If we do not already have this information, then it will depend on how quickly it can be provided to us. We will work the quickest we can to meet your specific time frames. Our clients are very important to us!

Meet Our Lenders

For an online directory of our commercial lenders