SBA 7(a) Loans
Our small business loans can help you with real estate purchases, refinance, construction, business acquisition or partner buyout, medical practice start-up or provide you with working capital.
SBA Loan Key Advantages
- Higher loan amounts
- Lower down payments
- Longer terms
Key Features
- Up to 90% financing
- Up to 25 years, fully amortized
- Fixed and variable rates
Projects
- Real estate purchase, refinance or construction
- Business acquisition or partner buyout
- Medical practice start-up
- Working capital
Fees
- SBA guarantee fee
- Loan Packaging fee
- Environmental/ Appraisal fee when applicable
- Additional fees may be applicable for construction loans
- Fees may be financed
Purpose of Loan: Commercial real estate purchase, expansion, construction, or refinance. Other loan purposes; business acquisitions, start-ups, franchises, furniture, fixtures and equipment, inventory and working capital.
Loan Amount: Up to $5,000,000
Capital Injection: Minimum 10% down payment with the exception of debt refinance loans, which may require no down payment
Loan Term: From 7 years to up to 25 years fully amortized
Interest Rate: Floating rate, up to 2.75% above Wall Street Journal prime rate; adjusted quarterly; fixed rate option available
Prepayment Penalty: If a loan is for less than 15 years, there is no prepayment penalty. If a loan is for 15 years or more, the borrower can prepay up to 20%. If more than 20% is paid in the first 12 months a 5% penalty is incurred; 12-24 months, 3%; 24-36 months, 1%; after 36 months no penalty is incurred.
Collateral: First lien mortgage on business real estate, and UCC filings on machinery and equipment, accounts receivable and inventory
Equity: Up to 90%
Personal Guarantee: Guarantee of all principals who own 20% or more of the business