Local Leaders, Local Decisions

As a community bank, we’ve partnered with local businesses of varying sizes to provide a multitude of products, services, and support. The loan programs we offer provide many advantages for businesses seeking capital.

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Achieve More, Together

We are committed to helping local businesses grow. Our leaders live and work in the communities we serve, and are invested in growing the local economy.

Select Bank SBA Loan Programs 

We are proud to provide SBA-backed funding to the businesses in the communities we serve. The Small Business Administration (SBA) serves as the main resource for government-backed business loans. Because a portion of an SBA loan is guaranteed by the government, these loans allow small business owners to obtain capital with less equity than a conventional loan requires.

SBA 7(a) Loan The SBA 7(a) loan is the most common SBA loan product, offering flexibility on terms and business uses. An SBA 7(a) loan is a good option for acquisitions, partner buyouts, real estate purchases, refinance and more. 

Advantages of SBA 7(a)

  • Up to 90% bank financing
  • Fully amortized/no balloons
  • No pre-payment penalty (with term under 15 years)
  • Loan amounts up to $5,000,000


SBA 7(a) Small Loan: The SBA 7(a) Small Loan is a new SBA loan product, based on the standard 7a Program.  It utilizes a credit scoring model which equates to faster turnaround times than traditional 7a lending.  An SBA 7(a) Small loan is a good option for equipment, real estate purchases, long-term working capital & business expansion.

 Advantages of SBA 7(a) Small

  • Credit scored product with faster turnaround times
  • Loans up to $500,000
  • Up to 90% bank financing
  • Fully amortized/no balloons
  • No pre-payment penalty (with term under 15 years)

SBA Express Loan: While the eligibility requirements for an Express loan are nearly the same as for the 7(a) loan program, the approved uses of the loan are different.  This product is largely used for lines of credit.  The lines can be used for to finance receivables, finance inventory, or finance general working capital purposes.

Advantages of SBA Express

  • Lines up to $500,000
  • Lines can be granted with up to a 5 year revolving period
  • At line maturity, the outstanding line balance will be termed out for a term equal to original revolving period.
Ken Selmer

Get to know Ken, our SBA Loan Officer

How long have you been in banking? Where were you before Select Bank?

I have been a Banker for over 28 years in both NJ and VA.  I have worked in the SBA arena for 15 years. Before coming to Select Bank, I worked in the Lynchburg area as a community banker, with a focus on small business lending for the last 8 years.

What’s it like being involved in community banking?

Working for a Community Bank is ideal for small business lender.  The decisions are made locally for our clients, not sent a state or two away to a corporate office where the applicant’s loan request does not receive the attention it deserves.  Working for a Community Bank allows me to get to know the clients and help the communities we serve.

What do you love about working with small businesses?

Small businesses are so important to our local economy as well as our national economy.  I love having the opportunity to work with small business owners who are looking to achieve their piece of the “American Dream.” For me, to see their businesses grow and prosper is truly a privilege.

What advice do you have for business owners thinking about getting an SBA loan?

My advice to business owners regarding obtaining an SBA loan is to do your homework and find a lender/ loan officer you feel comfortable with.  SBA loans have many nuances and regulations that a seasoned SBA lender can help guide you through.  A business needs to be proactive with documentation and any issues that arise during the process.  The more proactive a business owner is, the faster the loan can be approved, closed, and your business receive the capital it needs for the project at hand.

Subject to SBA eligibility requirements and both Select Bank & SBA credit approval. Terms and conditions may apply.