| COMMERCIAL RESOURCES |
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SBA 7(a) Loans This loan program is designed for small business owners seeking rfinancing for their business which does not meet conventional lending guidelines. The United States Small Business Administration provides a guaranty of the loan to 90% of the cost of owner- user commercial property, construction or improvement of business property, business acquisitions, equipment financing and working capital for business operations. Program Attributes • Approvals within 10 business days and closings within 60 business days • 10 Year term for Equipment Loans • 25-year fully amortized (no balloon) term for real estate • 7 Year Term for Working Capital Loans • Closing Costs Financed into Loan Eligible commercial property types • Retail, Office, Warehouse • Restaurant • Hotels, Motels and Inns • Gas Stations • Commercial Condos • Convenience Stores • Medical Facilities • Automotive Repair / Sales • Mixed-Use >51% Owner Occupied • Health Club/Gyms • Car Washes • Funeral Homes • Day Cares • Dry Cleaning Facilities Program Parameters • Loan approval subject to SBA eligibility requirements • Real Estate, Equipment, Fixed Assets, or Working Capital • Maximum loan amount is $2,000,000 • 51% occupancy requirement on real estate loans • Demonstrate repayment ability from business historical tax returns • Three years tax returns on Business and Business Owner Loans • Current Financial Statements - Balance Sheet, Income Statement |
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