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Loan Products

SBA 7(a) Loans

Borrower Benefits

  • Long repayment terms, reducing monthly payments
  • Frees up cash flow to expand your business
  • Down payment as low as 10% on multi-purpose real estate acquisitions and as low as 15% on single-purpose real estate acquisitions
  • Financing available for most industry types including: gas station/convenience stores, restaurants and day care centers

Use of Proceeds

  • Real estate - purchase, construction, renovation or refinance of commercial real estate
  • Majority of space must be owner-occupied
  • Business Acquisitions - business, franchise or professional practice
  • Machinery & equipment – purchase or refinance
  • Start-up – franchised businesses such as restaurants

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

USDA Business & Industry

Eligible Areas
Projects financed under B&I program must be located in the United States or its possessions/territories and must be in a rural area (defined as having a population of less than 50,000)

Eligible Borrowers

  • Any legal entity including individuals, public and private organizations and federally recognized Indian tribal groups
  • There is no size restriction on the business

Use of Proceeds

  • B&I Loans may involve acquisitions, construction, conversion, repair, modernization or debt refinance
  • Loan proceeds can be used for real estate acquisition and/or improvements, machinery, equipment, furniture, fixtures and working capital. Closing costs and guarantee fees are also eligible

Borrower Equity Requirements
For existing businesses: a minimum of 10% tangible balance sheet equity is required.

Hotel/Motel

Borrower Benefits

  • Long repayment terms, reducing monthly payments
  • Frees up cash flow to expand your business
  • Low down payment of as little as 15% for acquisitions (& 100% financing available for refinancing and renovations with sufficient equity in business)
  • No balloon/call dates
  • SBA 7(a), SBA 504 and USDA B&I loans available

Use of Proceeds

  • Renovation of existing flagged properties
  • Acquisition of existing flagged properties
  • Refinance of existing debt
  • Conversion from independent to new flagged property or upgrade to a new flag

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