SBA & Government Loan Programs
For clients who need increased access to capital, we’ve found great options in working with government programs designed to benefit businesses. We are proud to be designated by the Small Business Administration (SBA) as a preferred lender.
That means we’re a consistent provider of the best solutions for small businesses. We’ll help you understand SBA loan criteria and how your business can meet eligibility requirements.
How do SBA Loans promote business?
We’re local. We want to see your business thrive as part of our community. We’ll dedicate a team to the financing needs of your business. With an SBA loan, your business can take advantage of additional benefits and security that come from a loan facilitated by the federal government. It’s a partnership created to work for you.
SBA loans exist to help small business borrowers open, acquire, or expand a small business. They can be used for debt consolidation, working capital, revolving lines of credit, and equipment or term loans. Specific loan terms, like principal and interest repayment, can often be customized to meet your cash flow requirements.
Other opportunities for flexibility vary with each type of loan, described below.
Advantages of SBA Loans compared to conventional financing*:
- Lower down payment or equity into a project (as low as 10% for real estate purchases)
- Longer terms than conventional commercial loans
- Provide the lender additional security when lending to businesses who lack collateral for conventional financing
- Up to 25-year term and competitive variable interest rates
Basic 7(a) Loans
The SBA 7(a) loan program is for general small business loans. Its popularity stems from the wide variety of uses for funds — from establishing a startup or new business, expanding an existing one, or refinancing; to acquiring real estate, equipment, or other business acquisitions. It also has great capacity, with loan amounts of up to $5,000,000.
SBA Express Loans
These loans work well for businesses that need a revolving line of credit. They offer a quick funding process, with an expedited review process requiring less paperwork, and provide businesses with credit up to $350,000.
- Funds can be used for startup, expansion, inventory, or working capital
- Fixed assets, debt consolidation, working capital
- May be structured as a line of credit or a term loan
Certified Development Company/504 Loans
504 loans provide financing for fixed assets that help your business modernize and expand. It offers long-term, fixed-rate financing for the acquisition of major business assets like real estate, buildings, equipment and machinery.
- Low down payment, typically 10%, a competitive fixed-rate and a 20-year term for real estate, 10-year for equipment
- Typically secured with a Certified Development Company
We strive to help our clients find the best financing structure for their needs, which may mean using other federal and state government loan programs. Some programs we use include: USDA, Ohio 166 Loan Program, Ohio Collateral Enhancement Program (CEP) Loan Program, and the Ohio Capital Access Loan Program.