SBA 7a
Borrower Benefits
- Long repayment terms, reducing monthly payments
- Frees up cash flow to expand your business
- Low down payment of as little as 10% on multi - purpose real estate acquisitions and as little as 15% on single - purpose real estate acquisitions
- Financing available for most industry types including: hotel/motels, gas station/convenience stores, restaurants, assisted living facilities, and day cares
Loan Amounts
- Up to $5,000,000
Use of Proceeds
- Real estate – purchase, construction, renovation or refinance of commercial real estate. Majority of space must be owner - occupied
- Business acquisition – business, franchise or professional practice
- Machinery & equipment – purchase or refinance
- Start - ups including many franchised businesses
Loan Terms
- Real estate – up to 90% financing, up to 25 years, Prepayment penalty for initial 3 years, none after the end of year 3
- Business acquisition – up to 80% financing, up to 10 years, No prepayment penalty
- Refinance – up to 100% financing, up to 25 years, Prepayment applicable for initial 3 years on terms greater than 15 years
- Rates are based on a spread over the Prime Lending Rate. Rates vary depending on the specific strengths of the transaction
- SBA Guarantee Fee is paid directly to U.S. Small Business Administration. Amount varies based on loan/guarantee amount. Other customary fees also apply
- All 7a loans are fully amortized and are assumable
