Small Business (SBA) Loans
Need an SBA loan to help navigate current economic challenges? Or are you interested in starting, acquiring, or expanding your business?
Our relationship managers have extensive SBA experience and are available as trusted advisors to help you navigate through continuing SBA program changes. We are happy to tailor our small business loans to suit your needs and keep your business growing. We offer access to the most popular SBA programs like 7(a) and 504 loans.
SBA Loan Benefits
SBA loans are easier to qualify for and can offer smaller monthly payments with terms ranging from 5 to 25 years, compared to conventional 3- or 5-year loans. Small businesses can take advantage of these favorable loan terms to start, expand, or acquire a business, get working capital, or purchase needed inventory, equipment, or owner-occupied commercial real estate.
The two most common types of SBA loans are:
SBA 7(a) loans are the most utilized SBA general purpose loan product, featuring flexible terms that can benefit a range of business transactions. With a cap at $5 million, 7(a) loans are geared toward small and medium-sized companies that need to refinance debt, purchase real estate or equipment, or simply expand their working capital. SBA 7(a) loans are also commonly used for business acquisition or partner buy-outs.
SBA 504 loans have a narrower scope and are available only for the use of purchasing or improving owner-occupied buildings, land, fixed asset machinery, or heavy duty equipment. Under certain circumstances, 504 loans can be used for business debt refinancing. These loans are most suited for small to medium-sized companies seeking long-term financing.
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Our SBA experts can help you navigate your options and the application process. Connect with us today!
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