We offer several types of SBA loans to meet your needs:

SBA 7(a) loan: The most common type of loan offered through the U.S. Small Business Administration (SBA).  Loans can be anywhere from $50,000 to $5 million, with repayment terms up to 25 years depending on the asset being financed.  This loan can be used as working capital or to purchase equipment, inventory, real estate or to refinance/consolidate higher-interest debt.

SBA 504 loan: This loan is primarily focused on funding businesses looking to purchase or improve commercial real estate or large equipment. Loans can be up to $5.5 million for standard projects with repayment terms ranging from 10 to 25 years.  The borrower usually needs to contribute 10% of the total project cost.

SBA Express loan: Similar to an SBA 7(a) loan with quicker application process and approval in as little as 36 hours.  Loan amount can go up to $500,000 with repayment terms up to 10 years for working capital.  Interest rates are capped at prime rate + 6.5% for loans of $50,000  or less and prime rate + 4.5% for loans above $50,000.

Yes, you can but make sure to inquire about pre-payment penalties.  The SBA 7(a) loan program typically doesn’t have pre-payment penalties if you pay off the loan after the first 3 years.  When making extra principal payments, be sure to follow your lender’s procedures for applying those payments to the loan principal to reduce your overall balance.

Yes, and much like personal credit, maintaining a healthy credit utilization ratio and on-time payments will reflect on your business credit score. A good business credit score ultimately opens doors for better financing options, stronger credibility with suppliers and vendors and reduced personal liability among others.