SBA Loan Program
Sale & Lease Back
Many companies need working capital for expansion and do not want to use their bank lines for working capital. We have a program where we can use the equity in your existing equipment to give your company the working capital it needs. We buy your equipment and lease it back to you and when all the payments are made you own the equipment again.
Startup Program
Most financial institutions will not finance companies that are just going into business. If your company has just started in business, or is in business for a short time usually less than two years, we can help you grow by financing the equipment you need to be successful.
B, C and D Credits
In these tough economic times many businesses have suffered financially. Additionally, the owners of these companies have seriously damaged their personal credit. We have developed a “second chance” program to help these companies. We can structure your financial needs to help you rebuild your company.
Government and Municipal Leasing
- Federal Government Agencies
- Armed Services
- State Agencies
- Public Schools
- Police Department
- Fire Houses
- Libraries
Who is Eligible for an SBA Loan?
Loan Qualifications
- Retail and service businesses with sales (3-year average) not exceeding $6 million to $20 million, depending on the industry
- Wholesale businesses with employees up to 100 regardless of sales volume
- Manufacturers with employees up to 500 depending on the industry, regardless of sales volume
SBA 7(A) Loan Size $150,000 to $2.0 million
Loan Fees
- Loan packaging fee: $750 to $2,000
- Fee is based on loan size, it is collected at the time of loan submission; refunded if declined by credit
- SBA guaranty fee: 1.70% to 2.60% of the loan amount
- Fee can be financed in the loan
Use of Proceeds
- Commercial real estate (purchases, construction, or refinance)
- Leasehold improvements
- Business expansions
- Machinery, equipment, furniture or fixtures
- Business acquisition
- Working capital (offered in conjunction with some of the above)
- Start-ups (ALL Franchises, Motels, Restaurants Gas Stations and C-Stores)
Other Credits Considerations
- Business must have adequate historic cash flow to cover the proposed debt
- Business debt to net worth must meet industry averages
- Borrowers must be actively involved in the day-to-day operation of the business
- Satisfactory personal credit histories are required for all principles and guarantors
- No past bankruptcies or felony arrests
