SBA Loan Program
SBA lenders have selected us as a Preferred Financial Services provider, meaning that we handle loans faster and more effectively than many other companies.
An SBA loan has several benefits, such as longer terms, no points, and no balloon payments.
For whom is an SBA loan available?
An SBA-guaranteed loan is available to the majority of small, for-profit companies. This covers independent or franchised enterprises as well as manufacturers, wholesale, retail, and service companies.
Loan Requirements
Depending on the industry, retail and service companies have three-year average revenues of between $6 million and $20 million
Retail companies employing up to 100 workers, regardless of revenue volume
Regardless of sales amount, manufacturers may employ up to 500 people, depending on the business.
Loan Sizes Under SBA 7(A): $150,000 to $2.0 million
Fees for Loans
- Packing fees for loans: $750 to $2,000
- Based on the size of the loan, the fee is collected at the time of loan
- Submission and is reimbursed if credit rejects it.
- 1.70% to 2.60% of the loan amount is the SBA guarantee fee.
- Fees may be covered by the loan.
Use of Proceeds
- Commercial real estate (purchases, construction, or refinance)
- Leasehold improvements
- Business expansions
- Machinery, equipment, furniture or fixtures
- Business acquisition
- Working capital (offered in conjunction with some of the above)
- Start-ups (ALL Franchises, Motels, Restaurants Gas Stations and C-Stores)
Other Credits Considerations
- Business must have adequate historic cash flow to cover the proposed debt
- Business debt to net worth must meet industry averages
- Borrowers must be actively involved in the day-to-day operation of the business
- Satisfactory personal credit histories are required for all principles and guarantors
- No past bankruptcies or felony arrests
