SBA Loans

Uses:

• Business acquisition
• Equipment
• Specialized commercial vehicles
• Commercial real estate purchase/renovation
• Construction
• Franchises

Benefits:

• 7a and 504 loan options available
• Lower down payments
• Longer term options

Who Can Qualify:

7(a) Loan

• • Must be a for-profit business and meet SBA size standards
  • Show good character, credit, management and ability to repay
  • Must be an eligible type of business

(504) Loan

• • For-profit businesses; less than $15 million tangible net worth
  • Average two full fiscal year net income less than $5 million
  • Refinance requires business/commercial debt to be two years or older

Benefits:

7(a) Loan

• • Long-term financing
  • improved cash flow
  • Fixed maturity
  • No balloons
  • No prepayment penalty (under 15 years)

(504) Loan

• • Low down payment
  • Equity (10 to 20 percent)
  • Fees can be financed
  • SBA portion: long-term fixed rate
  • Full amortization
  • No balloons

What we consider when evaluating a business lending request:

Business Standing

Our Lenders consider your business history, current business standing, and the type of loan you desire. For some loan types, including SBA loans, you may also be required to provide a business plan highlighting your project financial statement, including profit and loss, cash flow, and balance sheets. 

Collateral

The loan you can secure may depend in part on the collateral you have available to put up against the loan value. As part of the loan process, you may want to prepare information regarding the value of potential collateral items.

Financial Standing

To determine your business’ creditworthiness, our lenders may review several sources of information, including your credit score, bank statement, tax returns, and other information. 

Legal Standing

Our lender may want a good idea of contracts you have in place with third parties, any leases or other agreements that are in place, and your business licenses or registrations.