Small Business Administration (SBA) Loans
U.S. Small Business Administration Loans – a great financial tool for small businesses - offer affordable down payments and convenient repayment terms.
Choose from two SBA loan options.
U.S. Small Business Administration 7(a) Loan
This loan is available for nearly any business purpose, such as:
- Commercial real estate
- Construction or renovation
- Business start-up
- Equipment / Inventory
- Working capital
- Down payments as low as 10%
- Loan amounts from $50,000 to $2 million at competitive interest rates
- Low monthly payments with up to 20-year amortizations
- Quick approval; fast, simple closing procedure
U.S. Small Business Administration 504 Loan
With larger loan amounts and low monthly payments, the SBA 504 Loan is perfect for bigger purchases and projects.
- The low 10% down payment greatly assists growing businesses by preserving working capital for continued growth.
- The interest rate on SBA's portion is an attractive 20-year fixed rate.
- The business has the ability to finance all project related furniture, fixtures and equipment.
- Soft costs can also be included in project financing. These include the following:
- engineering and architectural costs
- title searches,
- title and flood insurance,
- recording fees
- zoning changes
- environmental studies
- permit fees
- other project related costs
- The term of SBA's loan more closely matches the life of the assets being acquired or improved.
- The Catlin Bank can more competitively position its own market terms and rates on 504 loan projects. Because the SBA's loan is subordinated to the bank, the bank gets a first lien on all the assets with only a 50% loan to value.
- The 504 loan is fully assumable. If, during the life of the loan you decide to sell the project property, Catlin Bank’s portion of the loan can stay with the property, as long as the buyer qualifies under program guideline
Call Jeff today to discuss your SBA lending needs at 217-427-2176.