PMC Commercial Trust has provided thousands of loans to businesses throughout the United States. As a nationwide direct lender, they have originated loans both conventionally and through utilization of the Small Business Administration 7(a) government lending program. Based on their experience and track record, their subsidiary First Western SBLC, Inc. has earned the distinction of being an SBA Preferred Lender, the highest achievable status according to the Small Business Administration. This designation gives them the authority to quickly approve and close loans while providing personalized service to borrowers.

Understanding Your Loan Options

As far as their commercial loans that they offer outside of the SBA Programs, PMC loans are long-term loans and do not have typical bank performance covenants. Once a PMC loan is closed, it’s “done” and that’s the end of the uncertainties and future fees! The process is not over when PMC acts with regard to the SBA loans - it would require that First Western participate in the process. They are also not a bank and not in possession of a bunch of financial services that they are trying to sell to the borrower.

The First Western/PMC website informs the borrower that they are no longer accepting applications for the 504 SBA loan. There is also a very thorough description of what the requirements for an SBA 7(a) loan. This seems a little worrisome that they no longer do 504s; one has to wonder why they are no longer capable of offering that product.

Speed of Implementation and Loan Duration

Aside from being distinguished as an “SBA Preferred Lender,” they claim to provide a quicker, more streamlined process for their borrowers. First Western only focuses on small business loans and their application process, and very specifically the SBA 7(a). Such expertise and experience is supposed to simplify and make the application process go more smoothly.

The SBA guarantees 75-85% of a loan made by a Bank, Credit Union or Small Business Lending Company (SBLC) through the 7(a) program. SBA issued 12 SBLC licenses and PMC’s subsidiary, First Western SBLC, Inc., owns one. First Western is a nationwide Preferred Lender through the SBA which means their performance with SBA loans allows the process to go more quickly because the bureaucracy has freed them to act without as much oversight. SBA loans provide 90% financing, longer loan amortizations, no balloon payments and fixed-rate interest rates.

Fine Print and Final Thoughts

First Western uses a two-step process that provides added security, but may slow down loan approval, so be sure to inquire about the speed of the process for the specific loan that you are attempting to obtain.