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7(a) Loans are used to finance permanent working capital, equipment, land and buildings, business acquisitions, and start-up business.
The Bank funds the entire loan with 75% guarantee of the SBA on loans over $150,000. The maximum loan size is $5,000,000. The borrower pays a guaranty fee to the SBA on the 75% guaranteed portion of the loan, which can be included in the financing.
Up to 10-year term without real estate and up to 25-year term with real estate.
Reasons to use SBA 7(a) Loans:
Business Acquisitions (Franchise or non-franchise)
Partner Buyouts
Start-up Business
Equipment and Machinery Financing
Real estate - up to 25 years (on eligible project)
Debt Refinance - longer terms to improve cash flow
Working Capital - secured by all business assets or inventory and accounts receivables
SBA 504 Loan Program
504 Loans are used to buy or renovate real estate and may include some equipment.
The Bank partners with a Community Development Corporation (CDC) to provide financing. The portion of funds provided by the CDC are provided at a 20 or 25-year rate.
Reasons to use SBA 504 Loans:
Real Estate
Equipment
Fixed rate on the SBA portion for the life of the loan
