Loan Program Highlights

  • SBA 7(a)

    Loan Amounts:

    $300,000 - $5,000,000 (Subject to SBA Program Limits)

    Interest Rate:

    Prime + 1 to 2.75% floating (or alternative Libor based rate)

    Loan Term:

    7 - 25 year amortization

    Prepayment Charge:

    1-14 years maturity: None

    15 – 25 years maturity: SBA charges 5-3-1% and None after 3 years

    Equity Requirement:

    15% - 25%

    Other Criteria:

    Citizen or legal permanent resident

  • Conventional

    Loan Amounts:

    Up to $2,000,000

    Interest Rate:

    FLOATING or FIXED Rates

    Loan Term:

    Varies

    Prepayment Charge:

    Varies

    Equity Requirement:

    25% - 30% minimum

    Other Criteria:

    Generally in conjunction with an SBA 7(a) loan.

  • SBA 504  (Currently Inactive)

    Loan Amounts:

    Up to $5,000,000 ($8,000,000 including SBA portion)

    Interest Rate:

    FLOATING or FIXED Rates (SBA portion will be a 20 year fixed rate)

    Loan Term:

    20-25 year maturity / 20-25 year amortization

    Prepayment Charge:

    Diminishing to zero

    Equity Requirement:

    20% average (10% minimum of eligible hard costs, plus working capital and inventory).

    Other Criteria:

    Owner operated real estate. Citizen or legal permanent resident. Must meet job creation / retention requirements.

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