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Untitled Document
SBA Loans: Options, Benefits, and Lenders Part 2 of 2
In this second installment, we will further examine what kinds
of SBA loan options are available, and for what kinds of
businesses they are most advantageous. We will also discuss the
different types of SBA lenders.
There are several different lending programs for those who
qualify for an SBA loan. However, it should be noted that not
every SBA approved lender offers every loan option; some lenders
may be flexible than others.
A loan programs are generally intended to encourage long term
small business financing, however, actual loan maturities are
based on several different factors; 1) the ability to repay, 2)
the purpose of the loan proceeds, and 3) the useful life of the
assets financed. However, maximum loan maturities have been
established: twenty-five years for real estate and equipment and
seven years for working capital.
Basic 7(a) loan Guaranty: The 7(a) is an SBA guaranteed
loan provided through SBA certified commercial lending
institutions. The maximum loan amount for a 7(a) is $2 million,
with the SBA guaranteeing up to 75% or $1.5 million.
Interest rates for 7(a) SBA loans are usually negotiated between
the borrower and the lending institution. However, the SBA
itself has set maximum interest rates depending on the loan
amount, the highest rate being 4.75 percent on a loan of $25,000
or less with a maturity of seven years or more.
Because of it's flexibility, the 7(a) is ideally suited for
start-up or small growing businesses who are denied financing
through other sources. The loan funds can also be used for a
wide variety of purposes: renovation, real estate, equipment,
payment of prior debts, etc.
Certified Development Company (CDC), a 504 Loan Program:
The 504 SBA loan is designed to not only benefit the small
business that receives the loan funds, but also the community in
which the business resides. Each 504 loan is administered
through a CDC, a private, nonprofit corporations set up to
contribute to the economic development of their specific
community or region. The CDC will make small business loans up
to a maximum of $2 million with the understanding that the
business will use the funds in a manner that will further
community or regional public policy goals. Typical goals may
include: business district revitalization, export expansion,
rural development, expansion of minority business development,
etc. In total, there are about 270 CDCs nationwide, each
covering a specific geographical area.
Interest rates on 504 loans are pegged to an increment above the
current market rate for five-year and 10-year U.S. Treasury
issues. Maturities of either 10 or 20 years are available. The
504 loan program is ideal for businesses in need of "brick
and mortar" financing such as equipment or building
acquisition.
MicroLoan, a 7(m) Loan Program: The MicroLoan Program
provides very small loans to start-up or growing small
businesses. Under this program, the SBA makes funds available to
nonprofit community based lenders who act as intermediaries.
These lenders in turn make loans to eligible borrowers in
amounts up to a maximum of $35,000. The average loan size is
about $10,500. Applications are submitted to the local
intermediary and all credit decisions are made on the local
level.
In addition, each intermediary is required to provide business
based training and technical assistance to its borrowers.
Individuals and small businesses applying for microloan
financing may be required to fulfill training and/or planning
requirements before a loan application is considered.
This type of SBA loan is ideal for small businesses that need
extra money for working capital or the purchase of inventory,
supplies, furniture, fixtures, machinery or equipment. However,
the loan funds may not be used for the purchase of real estate
or to pay existing debts.
If you qualify for and receive an SBA loan, you can look forward
to several benefits. SBA loans typically have longer maturities
than comparable bank loans. Because you will be paying the loan
back over a longer period of time, down payments and interest
rates are usually lower which means you're monthly payment will
also be significantly lower than it would be under the terms of
a conventional loan.