SBA Loans – Loans from the Small Business Administration
Let our experienced SBA Lending Staff assist you in obtaining the funds you need to make your dreams a reality!
The Small Business Administration (SBA) provides three types of loans for your business. Whichever of the SBA loans you qualify for, there are different options for the maximum loan amount and how long you have to pay it back. Please see below for the three loans we offer.
| SBA Express | SBA 7(a) | SBA 504 | |
|---|---|---|---|
| Loan Type | Term Note or Line of Credit | Term Note | Term Note |
| Maximum Loan Amount | $350,000 | $5,000,000 | 504 CDC maximum amount ranges from $5 million to $5.5 million, depending on type of business or project. |
| Use of Proceeds | May be used for revolving lines of credit (up to 7 year maturity) or for a term loan [same as 7(a)]. | Term Loan. Expansion/renovation; new construction, purchase land or buildings; purchase equipment, fixtures, lease-hold improvements; working capital; refinance debt for compelling reasons; seasonal line of credit, inventory or starting a business | Long-term, fixed-asset loans; Lender (non-guaranteed) financing secured by first lien on project assets. CDC loan provided from SBA 100% guaranteed debenture sold to investors at fixed rate secured by 2nd lien. |
| Maximum Maturity | Up to 7 years for Revolving Lines of Credit including term out period. Otherwise, same as 7(a). | Depends on ability to repay. Generally, working capital & machinery & equipment (not to exceed life of equipment) is 5-10 years; real estate is 25 years. | 10 or 20 year term on SBA loan |
| Interest Rate Options | Fixed or Variable | Fixed or Variable | Fixed on SBA loan |
| Collateral Requirements | No minimum collateral requirements, commercial real estate must be a minimum of 51% owner occupied | No minimum collateral requirements, commercial real estate must be a minimum of 51% owner occupied | 90% of project value related to property purchased, commercial real estate must be a minimum of 51% owner occupied |
If you wish to apply for one of these loans from the U.S. Small Business Administration, please fill out the forms below:
- SBA Personal Financial Statement
Need assistance on preparing your business plan? Contact Score today!
Farmers & Merchants Bank has been an instrumental partner in the success of the company....
Xavier Joerger, owner Xceptional Hardscapes