For entrepreneurs in rural and suburban areas.
A healthy economic environment improves the quality of life in any community. That’s why we offer Small Loan Advantage, providing financing for entrepreneurs in suburban and rural areas to create employment and foster economic growth.
Businesses that are:
Organized as a sole proprietorship, corporation or professional partnership.
Unable to secure other credit under reasonable terms.
Businesses within the size guidelines as established by the SBA under the North American Industry Classification System (NAICS).
Businesses located in a low to moderate income area, as defined by SBA guidelines.
51% or more of the business has to be owned by:
Loan amounts up to $250,000.
SBA provides up to 85% guarantee.
No prepayment penalties on loans of less than 15 years.
Borrower’s Equity Injection:
Typical Use of Proceeds:
Establish, expand or acquire a business.
Operational capital, accounts receivable financing and increase active capital.
Purchase of machinery and/or equipment.
Commercial property purchase or equipment.
Refinancing existing obligation (some restrictions apply).
Flexible underwriting guidelines.
Longer maturity terms than conventional loans.
Technical assistance through SBA’s Small Business and Technology Development Centers (SBTDC)
SBA guarantee program allows more businesses to qualify for the loans they want.
SBA fees can be financed into the loan.
For more information, go to: http://www.sba.gov/content/small-loan-advantage