Community Business Finance provides businesses with obtaining financing under the SBA's 7(a) loan program. 7(a) loans provide capital for a wide variety of business needs.
Highlights:
- Financing options unavailable under conventional terms
- Long-term financing (7 to 25 years depending on use of proceeds)
- Loan amounts up to $5 million
- Up to 75% SBA guaranty
Use of Funds:
- Business start-up, acquisition or expansion
- Debt Refinance (must meet SBA requirements)
- Working Capital
- Purchase, construction or renovation of owner-occupied commercial real estate
- Purchase of machinery and equipment for business use
Eligibility Requirements:
- The business must be a for-profit
- Have a net worth under $15 million and net profits under $5 million (two-year average)
- The owner/user must occupy 51% of an existing building or 60% of new construction
- There must be a demonstrated need for the desired credit