Traditional SBA Loan Programs
For any business with existing loans, the Federal government increased SBA funding from $30B to $80B in order to stimulate US economy. The following enhancements to the SBA loan programs will make acquiring new debt or refinancing existing debt a good financial move.
Highlights are:
- SBA 7(a) $ 5.5 M cap for business acquisitions and working capital
- Rates currently around 5.75 % (prime + 2.5%)
- 10 yr. loan terms (longer for real estate)
- SBA loan guarantee expected to move to 90% from current 75% making it easier for banks to lend
- Waiver of and lower of certain fees
- Term sheet in 5 days or less
- Commitment within 2 weeks
- Closing in 45 – 60 days
To start process, we will need:
- Last 3 years financials
- 3 years tax returns
- Business Plan
- Forecasts
How we can help:
We can save time, money and decrease worry.
Our experience working with SBA lenders allows us to anticipate what is needed and can expedite the process. Our team includes former SBA executives that have insight into the process and can ensure you (your client) gets the maximum amount that they are entitled to and the money in their hands as quickly as possible.
Pre-qualify for loan
Looking for funding? Answer a few questions and a banker will contact you within 1 business day!