PageContent1The main SBA loan program.Helps small businesses obtain federally backed financing. Eligibility:Businesses that are: Businesses operating in American territory.Individual or Doing Business As (DBA).For-profit.Organized as a sole proprietorship, corporation or professional partnership.Businesses that do not meet the financing criteria of a regular financial institution.Businesses within the size guidelines established by the SBA under the North American Industry Classification System (NAICS). Features:Term loans.SBA guarantee between 75% and 85% depending on loan amount.SBA guarantee between 75% and 85% depending on loan amountLoan of up to $5,000,000. Maximum Loan Terms:Commercial Real Estate up to 25 years.Other purposes may vary from 5 - 15 years. Interest Rate:Attractive interest rates imposed by the SBA ranging between 3% and 6.50% over the Prime Rate depending on the financed amount. Fixed or variable interest rates available. Borrower’s Equity Injection:Minimum ranging between 10% and 15% of total project cost. Collateral Requirement:Business Assets and/or Real Estate, depending on loan purpose. Typical Use of Proceeds:Startup, expansion or business acquisition.Purchase of machinery and/or equipment.Working capital.Purchase of inventory.Purchase of commercial property occupied by the owner. Refinancing existing obligation (some restrictions apply). Benefits:Longer maturity terms. Low injection from borrower's personal funds.Certain closing costs can be financed in the loan.We are an SBA-authorized Bank under the Preferred Lender Program, where we approve the guarantee quickly and directly. For more information: https://www.sba.gov/funding-programs/loans/7a-loans Call Us 787-729-8258
