SBA Loans:

The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.

Last year alone, the SBA backed more than $12.3 billion in loans to small businesses.  More than $1 billion was made available for disaster loans and more than $40 billion in federal contracts were secured by small businesses with SBA's help.

SBA 504 LOAN PROGRAM
Purpose of Loan
* Purchase and construction of commercial real estate
Size of Loan
* Up to $4.5 million
Cash Injection Requirements
* As little as 10%, depending of use of proceeds
Terms of Loan
* Up to 25 years
Loan Fees
* Loan fee-generally 1.5% of loan amount
* Construction loan fees based on project size
Qualifying Requirements
* 3 years management experience or 1 year profitable business ownership experience
* Adequate historical cash flow to repay the loan
* Owner/user to occupy 51% of existing building or 67% of new construction
* Net worth of less than $6 million and net profit of less than $2 million average over the last two years
* Acceptable credit history
Loan Turnaround Times
* 10 business days for Bank approval upon receipt of complete package
* 45-60 business days funding/initial disbursement from receipt of completed application package and CDC approval

7(A) REAL ESTATE LOAN PROGRAMS
Purpose of Loan
* Commercial real estate purchase
* Special programs to finance equipment or working capital
Size of Loan
* Up to $2 million
* Financing packages up to $5.0 million
Cash Injection Requirements
* Minimum 10% down payment
* 100% financing program available for non-PLP loans
Terms of Loan
* Up to 25 years fully amortized, at competitive rates
Loan Fees
* SBA Guaranty Fees ranging from 1.7% to 2.6% of loan amount depending on loan size
Qualifying Requirements
* Adequate cash flow to cover debt levels
* Acceptable credit history
Loan Turnaround Times
* 10 days for Bank approval upon receipt of complete package
* 45-60 days funding from receipt of completed application package