Whether you are planning a start-up or improvements on your existing business, we're ready to lend a helping hand.
Business owners want to know three things about SBA Loans:
All the normal loan costs (origination and filing fees, flood certifications, appraisals,
title insurance, credit reports) apply, plus our small packaging fee and SBA costs for their
guarantee (which depends on size).
Rates are either based on the Prime Rate or the borrower's credit score (high scores get
lower rates, and vice versa).
Loans secured by equipment, inventory, etc. are faster (30 days) than those secured by real
estate (approximately 90 days) which need appraisals and title work.
SBA loans have three advantages over traditional financing:
1.) Longer amortization periods (which generally result in lower monthly payments)
2.) No balloon payments (which means more predictability)
3.) Lower down payment requirements (which means it’s easier to get started).