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Government Guaranteed Loans (SBA)
Routing number: 221571473
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Apply for the bests commercial financing alternative guaranteed by the SBA¹.
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Government-Guaranteed Loans (SBA)
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SBA 504 Loan
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SBA 7(a) Loan / Preferred Lender Program
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SBA Express
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SBA CAPLine
Find accessible short - term and long - term loan alternatives that could be used for:
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Startup, expansion, or business acquisition
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Purchase of machinery and equipment
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Purchase inventory
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Improvements or to purchase commercial real estate
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Refinancing existing business debt2
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Working capital
Benefits
Faster processing
We are authorized to grant loans as an SBA Preferred Lender and can expedite the approval process because we make the approval decision within SBA guidelines. We have specialized personnel to process these loans, providing you with more efficiency and speed for approval and disbursement.
Minimum contribution
10% to a 15% contribution to the project is required.
Flexible terms
Up to 25 years for the purchase or construction of a commercial building3.
Competitive interest rates
Interest rates are lower than loans without the SBA guarantee.
Collateral
The applicant's collateral will be evaluated at the time of the transaction.4 Collateral requirements are less stringent as of loan to value.
Management support
We offer management training programs.
Convenience
You can apply for your loan at any of our branches or on our Business Digital Solutions platform.
Loan Programs
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SBA 7(a) Loan
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Other SBA programs available
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SBA 504
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SBA Express
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SBA CAPLine
Basic required documents
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Financial statements and tax return forms of the business for the past 3 years prepared by a CPA
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Internal financial statements, if the most recent one is over 6 months old
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Recent personal financial statements
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Business history or business plan
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Corporate documents, if applicable
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Business permits
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Lease agreement, if applicable
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Buy – sell agreement, if applicable
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Quotes for improvements and/or purchase of equipment
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Income and expense forecast for 3 years (first year monthly, and the second and third yearly report)
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Other documents will be requested, as required
Additional information
For more information, visit any of our branches, or call our office directly at:
San Juan: 787-729-8200
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SBA: Entrepreneurial Services Information
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Puerto Rico Small Business & Technology Develoment Centers (SBTDC)
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Office of Women's Business Ownership (OWBO)
At FirstBank we are authorized to grant SBA loans under the SBA Preferred Lender, Patriot Express Lender, and SBA Express Lender programs. We also offer participation financing, through the SBA-504 program, with the following SBA-certified companies:
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PYMES Financial Partners, Inc. 787-765-1677
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Corporación para el Financiamiento Empresarial del Comercio y las Comunidades.
787-756-5080
Subject to credit approval. Only for businesses in American territory. Certain terms, costs, and restrictions apply. Interest rate and APR determined based on what the SBA allows. Interest rates may vary with the market based on the U.S. Prime Rate. A general lien can be registered over the assets of the business or other collaterals can be taken in accordance with SBA requirements. Parameters may vary as determined by the Federal Agency, for more information please visit www.sba.gov.
For businesses planning to acquire fixed assets.
Whether for land, buildings or other fixed assets, small developing businesses have the advantage of applying for long-term financing at fixed interest rates.
Eligibility
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Business that are:
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Individual or Doing Business As (DBA)
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For profit
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Organized as a corporation or partnership
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For commercial properties, the owner must occupy over 51%
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Business with operations for a minimum of 2 years
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Must meet the eligibility criteria established by the SBA.
Features
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Maximum amount up to $5,500,000
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50, 40, 10 formula:
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50% loan from the Bank
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40% loan from SBA
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10% client contribution
Terms
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Term for the loan up to 25 years for commercial property and up to 10 years for equipment vital utility
Interest rate
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Fixed interest rate on the SBA portion (no balloons)
Collateral requirement
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Business assets to be financed will serve as collateral, be it real estate, equipment or improvements.
Use of funds
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Purchase, or renovation of owner-occupied commercial property (land or building)
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New Construction
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Purchase of commercial machinery and/or equipment
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Refinancing an existing obligation (restrictions may apply)
Benefits
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Less contribution to the total cost of the project
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Lower interest rate than any other product for the SBA portion
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Terms are broader
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SBA fees can be financed into the loan
Additional information
More information: https://www.sba.gov/programas-de-financiamiento/prestamos/prestamos-504
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PYMES Financial Partners, Inc.
787-765-1677
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Marketing Small Business Finance
787-641-0800
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Corporación para el Financiamiento Empresarial del Comercio y las Comunidades
787-756-5080
Subject to credit approval. Only for businesses in American territory. Certain terms, costs, and restrictions apply. Interest rate and APR determined based on what the SBA allows. Interest rates may vary with the market based on the U.S. Prime Rate. A general lien can be registered over the assets of the business or other collaterals can be taken in accordance with SBA requirements. In cases under the 504 program, the parameters may vary as determined by the federal agency; for more information, please visit www.sba.gov.
Helps small businesses obtain financing.
Eligibility
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Small businesses that are:
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Operating in US territory
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Individual or Doing Business As (DBA)
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For profit
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Organized as a corporation or partnership
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Unable to secure other types of financing on reasonable terms
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Businesses within the size guidelines established by the SBA under the North American Industry Classification System (NAICS)
Features
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Term loan
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Between a 75% to 85% SBA guarantee, which depends on the amount of the loan
Maximum loan terms
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Commercial real estate – up to 25 years
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Other purposes may vary from 5 to 15 years
Interest rate
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Attractive interest rates of the SBA based on a 3% to 6.50% of prime rate
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Fixed and variable interest available
Borrower’s equity injection
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A minimum of 10% to 15% of total project cost
Collateral requirement
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Business assets or real estate (commercial or personal), depending on the loan purpose
Use of funds
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Startup, expansion, or business acquisition
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Purchase of machinery and/or equipment
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Operating capital, finance accounts receivable, and increase working capital
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Purchase of inventory
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For Improvements or to purchase a commercial property
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Owner-occupied commercial real estate
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Refinance existing debt (certain restrictions apply)
Benefits
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Longer maturity terms
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Minimum borrower contribution
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SBA fees can be financed into the loan
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We are a preferred lender, so we can make loan decisions under SBA guidelines
Additional information
For more information on this product, please visit:
https://www.sba.gov/programas-de-financiamiento/prestamos/prestamos-7a
Subject to credit approval. Only for businesses in American territory. Certain terms, costs, and restrictions apply. Interest rate and APR determined based on what the SBA allows. Interest rates may vary with the market based on the U.S. Prime Rate. A general lien can be registered over the assets of the business or other collaterals can be taken in accordance with SBA requirements. In cases under the 7(a) program, the parameters may vary as determined by the federal agency; for more information, please visit www.sba.gov.
Fast and easy disbursement for all eligible loan purposes.
Eligibility
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Small businesses that are:
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Owner-operated
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Individual or Doing Business As (DBA)
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For-profit
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Organized as a corporation or partnership
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Businesses within the size guidelines established by the SBA under the North American Industry Classification System (NAICS)
Features
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The SBA provides up to 50% guarantee
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Line of credit or term loan
Maximum Loan Terms
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Commercial real estate – up to 25 years
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Lines of credit – up to 5 years
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Other purposes – may vary from 5 to 15 years
Interest rate
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Interest rates of the SBA are usually between 3% up to 6.5% above Prime Rate depending on type of financing
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Variable or fixed interest loans available
Borrower’s Equity Injection
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Loans require a contribution between 10% to 15% of total project cost
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Line of credit do not require a contribution from the borrower
Collateral requirement
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Business assets or real estate (commercial or personal), depending on the loan purpose
Use of funds
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Purchase of machinery and/or equipment
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Operating capital, finance accounts receivable, and increase working capital
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Make improvements to or purchase commercial property
Benefits
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Longer maturity terms
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Minimum borrower contribution
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SBA fees can be financed into the loan
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Less paperwork than other program's requirements
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We are am authorized Bank, an SBA Preferred Lender, so we make loan decisions under SBA guidelines
Additional information
For more information, go to: https://www.sba.gov/
Subject to credit approval. Only for businesses in American territory. Certain terms, costs, and restrictions apply. Interest rate and APR determined based on what the SBA allows. Interest rates may vary with the market based on the U.S. Prime Rate. A general lien can be registered over the assets of the business or other collaterals can be taken in accordance with SBA requirements. In cases under the SBA Express program, the parameters may vary as determined by the federal agency; for more information, please visit www.sba.gov.
Meet your business’s operating needs.
Designed for entrepreneurs with a good corporate, accounting, and financial structure, guaranteeing commercial lines of credit of up to $5 million to cover your business’s short-term and/or cyclical needs.
There are 4 products under the program's umbrella:
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Contract: Ideal for businesses with contracting needs
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Seasonal: Great for seasonal businesses with fluctuating cashflows
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Builders: Builders and contractors qualify
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Working Capital: For businesses that generate accounts receivable and inventory
Eligibility
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Both business and purpose of loan proceeds must be eligible according to the SBA-SOP
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Business must be in the United States or its territories
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Demonstrated need for financing and repayment capacity
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Customers whose financial statement data matches the data in their income tax returns
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Experienced customers demonstrating a profitable operation and the capacity to meet the contracting requirement
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Contracts to be given as collateral must be eligible and credible to guarantee the transaction
Benefits
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Guarantee between 75% and 85% for lines of credit to cover your business’s short-term and cyclical needs
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Interest rates that are much more attractive than market rates, from 2.25% to 4.75% over the prime rate
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SBA guaranty for up to 10 years (except Builders CAPline, which can be for up to 5 years)
Subject to credit approval. Only for businesses in American territory. Certain terms, costs, and restrictions apply. Interest rate and APR determined based on what the SBA allows. Interest rates may vary with the market based on the U.S. Prime Rate. A general lien can be registered over the assets of the business or other collateral can be taken in accordance with SBA requirements. In cases under the SBA CAPLine program, the parameters may vary as determined by the federal agency; for more information, please visit www.sba.gov.
Business Digital Solutions
Originate business loans and lines of credit through our digital platform here.
Subject to credit approval. 1 For commercial debts only. Evidence will be required. 2 Loan for multiple purposes, an average will be used to determine the maximum loan term. 3 The goods acquired with the loan funds will serve as collateral. Some restrictions apply. 4 In construction or improvements to commercial building. Other commercial purposes could be eligible, subject to evaluation. The parameters for the programs may vary according to the Federal Agency, for more information visit www.sba.gov.