SBA Loan Program
We have been designated as a Preferred Financial Services company by SBA lenders to have loans processed more quickly and efficiently than many others. There are a number of advantages to an SBA loan, including longer terms, no points, and no balloon payments.
Who is Eligible for an SBA Loan?
Most for-profit small businesses are eligible for an SBA guaranteed loan. This includes manufacturers, wholesale, retail, and service businesses as well as independent or franchise businesses.
Loan Qualifications
- Retail and service businesses with sales (3-year average) not exceeding $6 million to $20 million, depending on the industry
- Wholesale businesses with employees up to 100 regardless of sales volume
- Manufacturers with employees up to 500 depending on the industry, regardless of sales volume
SBA 7(A) Loan Size $150,000 to $2.0 million
Loan Fees
- Loan packaging fee: $750 to $2,000
- Fee is based on loan size, it is collected at the time of loan submission; refunded if declined by credit
- SBA guaranty fee: 1.70% to 2.60% of the loan amount
- Fee can be financed in 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 the 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