Residential, Commercial & Business Loans
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Residential, Commercial & Business Loans |
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United States Small Business Administration Loans An SBA loan is an affordable alternative to conventional
methods of financing, guaranteed by the U.S. Small Business Administration.
Obtain financing for a variety of purposes:
PROGRAM:
Basic 7(a) Loan Guaranty FUNCTION:
Serves as the SBA’s primary business loan program to help qualified
small businesses obtain financing when they might not be eligible for business
loans through normal lending channels. It is also the agency’s most flexible
business loan program, since financing under this program can be guaranteed for
a variety of general business purposes. Loan proceeds can be used for most sound business purposes
including working capital, machinery and equipment, furniture and fixtures, land
and building (including purchase, renovation and new construction), leasehold
improvements, and debt refinancing (under special conditions). Loan maturity is
up to 10 years for working capital and generally up to 25 years for fixed
assets. CUSTOMER: Start-up and existing small businesses
PROGRAM:
Certified Development Company (CDC), a 504 Loan Program FUNCTION:
Provides long-term, fixed-rate financing to small businesses to acquire
real estate or machinery or equipment for expansion or modernization. Typically
a 504 project includes a loan secured from a private-sector lender with a senior
lien, a loan secured from a CDC (funded by a 100 percent SBA-guaranteed
debenture) with a junior lien covering up to 40 percent of the total cost, and a
contribution of at least 10 percent equity from the borrower. The maximum SBA
debenture generally is $1 million (and up to $1.3 million in some cases). CUSTOMER: Small businesses requiring “brick and mortar” financing
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