SBA 7(a) Loans - Flexibility, Longer Terms and Lower Down Payments

 

Contact us today!

 

Get funds to expand your business, buy out a partner, purchase commercial property, build a new facility, upgrade equipment, and more.

 

Get the business banking support and advice you need. Our Small Business Loan Team is standing by to assist you from application to closing.

 

Loan amounts up to $5 million.


New Stimulus Bill Updates:

Great news! The SBA is forgiving the initial principal and interest payments on new SBA loans approved between 2/1/21 and 9/30/21.

  • Fee Waivers - The SBA guaranty fee has been waived for all loans approved before 9/30/21 resulting in a significant savings in closing costs.

  • Payment Assistance - The government will pay the first 3 months’ worth of payments. Contact us for details & eligibility assistance.

  • Current Borrower Assistance - Borrowers who have already received 6 months of SBA loan payments in 2020 will receive additional payments beginning with their February payment, capped at $9,000 per month.

Businesses do not have to show that their business has been impacted by COVID-19. You can also apply for these loans in addition to SBA PPP Loans.

Terms include:

  • Up to 25 years on loans which include commercial real estate purchases
  • Up to 10 years on all other loans
  • Financing up to 90% of the total project costs!
    • This means lower down payments up front, allowing you to keep more cash in your business to support operations. Other types of commercial financing can require a deposit of up to 30% v. only 10% for an SBA term loan.
  • No points charged by Lender
  • Flexibility of proceeds uses
    • The uses for SBA 7(a) funds are broad—you can refinance existing debt, buy land or a building, purchase inventory, finance equipment, make upgrades to your business location, all in 1 loan.

SBA 7(a), 504 and Microloan Program Updates (2/16/21): Click here.

Questions? We’re here to help! Contact the SBA loan team today!