SBA 7(a) Loan Program
The SBA 7(a) Loan Program is designed to provide loans for expansion or renovation, debt consolidation, new construction, business acquisition, purchase of land & building, equipment, fixtures, leasehold improvements and working capital.
SBA 7A Loan Program Highlights:
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650 Minimum Credit Score |
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Loan Amounts From $300K - 5 Million |
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Business Must Occupy 51%+ Of Property |
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Interest Rate Starts at Prime + 2.00% (currently 5.25%) |
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Low Down Payment - Up to 100% Financing Available |
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25 Year Term With Real Estate / 10 Year Non-Real Estate |
SBA 7A Loan Property Types Considered:
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Owner-Occupied Office Bldgs. |
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Hotel / Motel |
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Medical/Dental/Veterinary Offices |
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Self-Storage |
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Owner-Occupied Retail Bldgs. |
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Restaurants |
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Assisted Living Facilities |
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Car Wash |
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Gas Stations & C-Stores |
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Office Condo |
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Child & Adult Day Care Centers |
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Special Purpose |
Guidelines:
Use of Proceeds:
Real estate - purchase, construction, renovation or refinance of commercial real estate.
Business Acquisition - business, franchise or professional practice.
Machinery & Equipment - purchase or refinance.
Working Capital - allowed
Terms:
Business with Commercial Real Estate
*Up to 90% financing
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25 year terms
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Prepayment penalty 5% 1st year, 3% 2nd Year, 1% 3rd year (allowed to pay up to 20% of principal yearly without penalty).
Business Non-Real Estate
*Up to 90% financing
*10 year terms
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No prepayment penalty
SBA Guarantee Fee is paid directly to U.S. Small Business Administration. Amount varies based on loan guarantee amount. Other customary fees also apply
All 7a loans are fully amortized and are assumable
Loan Proposal Issued In 24-48 Hours!!
*** Commercial Real Estate Loans not available in AZ, CA, HI, NV, NY, NJ, ND, SD & WI
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