SBA Loans

What is a 7(a) loan?
The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for:

• Short and long-term working capital
• Refinance current business debt
• Purchase furniture, fixtures, and supplies

Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates.

• Land, streets, utilities, parking lots, and landscaping
• Existing facilities
• Minimum down payment requirements as low as 10%
• Loan sizes $350,000-10,000,000

Types of buildings allowed and must be owner-occupied by the business, no landlords collecting rents) ex: Auto mechanics, hotels, RV Parks, medical practice, restaurants, etc.

Types of businesses allowed: No nonprofits, No investment property, No investors, No house flippers, No developers, No illegal businesses, No casinos. Must be a small business

What is an Express SBA loan?
Loan Amount up to 350K, Purpose is to be used for revolving lines of credit. Fast turnaround.