Small Business Administration Loans (“SBA”)
Who this is for?
Supports small businesses that need financing for real estate purchases, refinancing, ground-up construction or build-out of existing space. SBA financing can also be used for working capital, equipment, or other improvements.
Advantages of an SBA Loan
SBA loans are one of the most common types of lending for small businesses. They offer high loan-to- value (“LTV”), easier approvals for start-ups and non-stabilized businesses and can include closing costs wrapped into the loan. We will work with you to develop a package that works best and fits the needs of your company. CORE makes it easier to obtain small business and commercial loans by reducing the time, cost, complexity, inefficiency and frustration associated with attempting to obtain financing through the local banks.
SBA loans are used when higher LTV’s (loan to values) are needed or there are other mitigating circumstances that prohibits traditional bank financing.
- Loan to Values (LTV’s) can be up to or exceed 90%
- No Balloons
- Less Down Payments, therefore, retain more cash for your business
- Loans Can Include Closing Costs
- Loans Can Include Build-Out with Purchase
- Loans Can be used for Ground-Up Construction
- Flexible Rates and Terms
$50,000 to $5,000,000 (higher loan amounts through our SBA 504 program)
- SBA Express Loans ($50,000 to $350,000)
- SBA 7(a) ($350,000 to $5,000,000)
- SBA 504 (see separate CDC flier for program specifics)
- SBA Veteran Loans
- SBA Export Program Loans
- SBA Express Lines of Credit
- USDA Business & Industry Program (B & I)
Funding is available for a wide variety of businesses.
- Assisted Living Care Centers
- Automotive Repair Shops
- Business Acquisition
- Business Expansion
- Commercial Real Estate (Purchases, refinance, leasehold improvements with purchase)
- Car Wash
- Commercial and Industrial
- Convenience Stores
- Distribution Companies
- Dry Cleaner
- Franchise (custom tailored to specific franchises)
- Funeral Homes
- Gas Station
- Gas Station C-Store
- Light Manufacturing
- Liquor Stores
- Lube Center/Oil Change
- Machinery & Equipment (Purchase and Refinance)
- Medical (Chiropractors, Dental Labs, Dentists, Doctors, Optometrists, Imaging Centers)
- Office Condo
- Partner Buy-Out
- Professional (Architects, CPA’s, Engineers, Lawyers, Veterinarians)
What SBA Seeks In A Loan Application?
In order to get an SBA loan, the applicant must first be eligible. Repayment ability from the cash flow of the business is a primary consideration in the SBA loan decision process but good character, management capability, collateral, and owner’s equity contribution are also important considerations. All owners of 20 percent or more are required to personally guarantee SBA loans.
All applicants must be eligible to be considered for an SBA loan. The eligibility requirements are designed to be as broad as possible in order that this lending program can accommodate the most diverse variety of small business financing needs. All businesses that are considered for financing under SBA’s loan program must: meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing and be able to demonstrate repayment. Certain variations of SBA’s loan program may also require additional eligibility criteria. Special purpose programs will identify those additional criteria.
Eligibility factors for all SBA loans include: size, type of business, use of proceeds, and the availability of funds from other sources.