SBA LOANS

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

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 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

Satisfactory personal credit histories are required for all principles and guarantors