SBA 7(a) Standard Loan – Up to $5 million for:

  • Purchasing business equipment
  • Hiring and training new employees
  • Opening a new location
  • Expanding or renovating your current location
  • Updating computer hardware or software
  • Refinancing existing business debt
  • Purchasing commercial real estate

SBA 504 Loan – Must be used for fixed assets (and certain soft costs), including:

  • Purchasing existing buildings.
  • Purchasing land and land improvements.
  • Construction of new facilities or renovating existing facilities.
  • Purchasing long-term machinery.
  • Refinancing of debt in connection with an expansion of the business through new or renovated facilities or equipment.

504 Loans are typically structured with SBA providing 40% of the total project costs, a participating lender covering up to 50% of the total project costs, and the borrower contributing 10% of the project costs. Under certain circumstances, a borrower may be required to contribute up to 20% of the total project costs.

SBA 7(a) Community Advantage Loan – Up to $250,000 for:

  • Existing as well as startup businesses are eligible.
  • Must be a business with limited financial resources or located in an undeserved community.
  • Purchasing inventory, equipment, working capital, etc.
  • Rates start at prime plus 3%.
  • Terms of up to 25 years.
  • No prepayment penalty.

SBA Micro Loan – Up to $50,000 for:

  • Existing as well as startup businesses are eligible.
  • Purchasing inventory, equipment, working capital, etc.
  • Interest rate starts at 6% fixed at closing for the life of the loan.
  • Terms of up to 6 years.
  • No prepayment penalty.
  • $30 application fee.

LOAN REQUEST FORM

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