Community First Bank & Trust Welcomes Jerry Woods
Relocating from Scottsdale, Arizona, Jerry has over two decades of experience in the commercial lending field. Most recently a Principal for BusinessPulse, Jerry served as an advisor for small to mid-sized companies looking to maximize their profitability and future enterprise value for their company.
“Jerry brings a wealth of knowledge and to our Commercial Lending team” states David McDaniel, Williamson County Bank President. “His depth of experience working with SBA loan products will offer our customers the flexibility of extended terms and the possibility of lower payments than conventional loans”.
Jerry joins a team of experienced local commercial lenders who are available to help business customers to identify the right solution for their specific need. Community First Bank & Trust offers a line of commercial loan products which can be tailored for our customers such as SBA-guaranteed small business loans, commercial and residential real estate loans, commercial term loans and lines of credit.
Jerry is a long-time resident of Scottsdale, Arizona and a native of Ohio, graduating from the University of Toledo where he received his Bachelor and Masters of Business Administration. Jerry is a former member of the Board of Directors of the National Association of Guaranteed Lenders, the national association of all banks involved in SBA lending.
About Community First Bank Community First Bank & Trust, based in Columbia, TN, was founded in 1999 by a group of local business men and women who wanted to provide a superior banking experience for the communities they serve. Community First Bank, celebrating 10 year in business, is a commercial bank operating 10 offices located in Maury, Williamson, Hickman and Rutherford Counties with over $713 million in total assets. The bank provides a comprehensive line of banking services to consumers and businesses in the Middle Tennessee area. Additional information concerning Community First can be accessed by visiting the bank’s website at www.cfbk.com. Community First Bank & Trust is a Member FDIC and an Equal Housing Lender.
About U.S. Small Business Administration Loans Bank loans that are made in participation with the U.S. Small Business Administration are gaining much more attention in today’s commercial financing market. With either a guaranty or a participation of the SBA, commercial loans are being made that greatly benefit both the banks and borrowers.
SBA loans provide the necessary backing to banks to allow them to make higher loan to value loans and over longer terms than what they are capable of on a conventional basis. Traditional SBA loans can not be made where there is a systemic cash flow problem with the business but they provide a beneficial vehicle to stand in a temporary gap for the business where one or two of the credit components of the business may be temporarily lacking.
The SBA 7(a) loan product provides a guaranty to the bank from the SBA that allows the bank to offer terms as long as 7-10 years for working capital, as long as 10 years for equipment, and as long as 25 years for real estate. In addition, due to the guaranty, the business is not required to inject as much equity into an acquisition as they would under conventional terms. For a growing business, this means retaining much more working capital in the business and provides lower monthly payments during the loan. Also, businesses will benefit from having a significant portion of their working capital being termed out over an extended number of years versus the tradition method of renewing their working capital every year which can become expensive, time consuming, and not produce the long-term benefits to the condition of their company. Also, there is always the annual uncertainty as to whether their bank will renew their loan for another year.
The SBA 504 loan can be utilized for the acquisition of owner occupied commercial real estate and significant equipment and is a participation program whereby a portion of the funding comes from the issuance of an SBA debenture in the public market. This loan program provides, again, equity injections as low as 10% into the acquisition, terms as long as 20 years, and fixed rates of interest that are below market rates, fixed for the full term of the loan. ###
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COLUMBIA, TN (September 22, 2009) – Community First Bank & Trust is pleased to announce that veteran Commercial Lender, Jerry Woods, has joined the bank working in the Community First Financial Center on Carother’s Parkway in Franklin. Jerry will be available to assist customers in all Middle Tennessee markets.