SBA 7(a) Loans
Up to $2.0 Million
Benefits
- Repayment terms of up to 10 years - 25 years for real estate.
- Low down payment of as little as 10% on real estate acquisitions.
- Most industry types eligible, including gas station / convenience stores, restaurants and day care.
Loan Amounts
$100,000 to $2 million
Use of Proceeds
- Real estate - purchase, construction, renovation or refinance. Majority of space must be owner occupied.
- Business acquisition - business, franchise or professional practice.
- Machinery & equipment - purchase or refinance
- Start-ups - including franchised businesses
Terms
- Real estate - up to 90% financing, up to 25 years
- Business acquisition - up to 80% financing, up to 10 years
- Equipment acquisition - up to 75% financing, up to 5 years
- All rates are floating on a spread over the Prime rate.
- SBA guaranty fee varies based on loan structure and guaranty amount.
Pre-Qualification
One-day pre-qualification at no charge.
SBA 504 Loans
Up to $3.75 Million
(Higher limits available for Small Manufacturers)
Owner Occupied Commercial Real Estate Transactions
Benefits
- Down payment as low as 10%
- Long repayment terms to keep monthly payments low
- Variety of interest rate options, including blended rates of up to 20 years
Use of Proceeds
Fixed Assets & Equipment:
Purchase, construction or renovation of owner-occupied commercial real estate, fixed assets, equipment.
Loan Structure
- 50% financing - first lien (up to $1,875 million)
- 40% financing - SBA 504 second mortgage (up to $1.5 million)
- 10% equity required by borrower
Terms
First Lien:
- 25 years, fully amortizing
- Floating or adjustable rates available (5 year fixed terms)
- No pre-payment penalties after first three years
Second Lien:
- 20 years, fully amortizing
- Fixed rate set by SBA-guaranteed 504 debenture sale
- Fees set by SBA/Certified Development Corporation
- Prepayment penalty for initial 10 years
Pre-Qualification
One-day pre-qualification at no charge.
SBA Loan Pre-Qualification Checklist
To pre-qualify you for eligibility, we will need the following information:
- Business Tax Returns, with all schedules and attachments, for the past three fiscal years.
- Business Interim Financial Statements (year-to-date)
- Schedule of all business debts
- Completed Business Loan application (call for form)
- Personal Financial Statement from each business owner (call for form)
Please contact us if you have questions.