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Small Business Administration Loans (SBA)
The Small Business Administration loan is used for property and business acquisition, construction, leasehold improvements, working capital, equipment leasing or purchase and inventory. It is a seven to twenty five year term with either fixed or adjustable rates. There are three types of loans, the express loan from $100,000 to $250,000, the 7A loan up to $2,000,000 and in September of 2006 up to $3,000,000 and the 504 program with limits in excess of the 7A are financed on a para persue basis over $2,000,000, and in September of 2006 over $3,000,000, in para persue lending positions.
An important criteria for the loan is that the project must be 51% owner occupied. The prospect can finance all businesses including restaurants, gas stations, automotive, hotels etc. The SBA is interested in expanding commerce in a variety of ways and is willing to help businesses grow.
Loan rates can either be adjustable or fixed based upon the credit and the project. SBA loans are asset based loans and must be collateralized. There are many advatages to SBA programs such as loan to values up to 90% of the project. For more information email us at Garydetrano@thewaldengroup.biz with your inquiries.
Below are forms to help you get started with an SBA Loan.
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SBA Loan Package |
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Credit & PFS |
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