SBA Loans
A seed to help small businesses grow
Small businesses play a vital role in the economy, and we're proud to support them by offering SBA (Small Business Administration) loans guaranteed by the federal agency.
- Available programs
- Low down payment (typically 10%) options
- $5,000,000 maximum; $5,500,000 maximum for small manufacturers
Additional SBA 504 Loan Benefits
Eligible uses
- The purchase of land and building
- The purchase of land and land improvements (like grading, utilities, parking and landscaping)
- The construction, renovations, additions or improvements to building
- Furniture and fixtures
- The purchase of machinery
- Refinancing debt in connection with an expansion of the business
Who’s eligible
The SBA (504) Program is available to “for-profit” businesses with a tangible net worth not to exceed $15 million and yearly net profit after taxes not to exceed $5 million in the last two years. Owner occupied 51% for existing or 60% for new construction.
Loan terms
- Take advantage of longer fixed rate terms
- Consumers typically loans 50% of the amount borrowed
- The CDC extends 40% of the financing guaranteed by the SBA
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