Business Loans

Whether you are looking to grow your existing business, or start a new one,  the proper financing is critical for your success.  Our experienced lenders will help you identify your immediate and longer term financing needs.  With your help, we will structure the appropriate combination of financing solutions.  Some of the most common loans include.

• Term Loans

Term Loans are typically used for longer term working capital needs.  These needs can include:

Business Purchase/Expansion

Equipment Purchase

Inventory Purchase

Vehicles               

• Line of Credit

Business Lines of credit are vital to provide the necessary flexibility for business owners.  They are typically used for:

Short term working capital

Financing accounts receivable

Smaller equipment purchases

 

• SBA Financing

SBA 7a Loans

SBA 7a loans are the popular Small Business Administration (SBA) business loans. The advantage of the 7a program is to provide businesses with the ability to get financing for growth and expansion.   The program works by the participating lender funding the loan and then receiving a guarantee of up to 75% of the loan amount from the SBA. This allows the lender to make loans to businesses that might not qualify for financing from other lenders..

To qualify for a 7a loan, you must be a for profit business,  and meet the SBA's size standards,  not have the ability to finance the loan internally,  and you must demonstrate the ability to repay the loan.

The 7a program is very commonly used to help finance new business franchises.

Borrower Benefits

• Long repayment terms, reducing monthly payments
• Low down payment of as little as 10%
• Financing available for most business types including hotel/motel, gas station/conveniences stores, restaurants and day care facilities.

Loan Amounts         $100,000 to $2 Million

Use of Proceeds

• Start-up franchise business
• Real estate - purchase, construction, renovation or refinance of commercial real estate for owner occupied properties
• Business acquisition - business , franchise or professional service businesses
• Machinery & equipment - purchase or refinance

Terms

Rates are based on a spread over the Prime Lending Rate.  The rate will vary depending on specific strengths of the transaction

The SBA Guarantee Fee is paid directly to the US Small Business Administration.  The amount of the fee varies based on loan/guarantee amount.