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SBA 7a Loan Program: Working Capital or Business Debt Refinance Loans or Business Expansion

Product Overview

Loan Size: $30,000 to $350,000

Loan Description: SBA 7(a) loan

Use of Loan Proceeds: • Working capital• Debt refinance• New equipment purchase

Time to Funding: • Pre-qualify within 24 hours• Funding as fast as 20 days after application is complete

Interest Rates: Subject to credit approval and SBA 7a current rate ( Call us to quote Current Rate)

Loan Term: • 10-year term with no prepayment penalty

Monthly Payment: Monthly payments are debited from commercial business checking account

Security: • Blanket lien on business assets• Personal guarantee by all 20% owners

Geographic Coverage: • Nationwide

Qualifications & Borrower Eligibility

Personal Credit Score: Minimum 650 FICO

Public Records: • No bankruptcies or foreclosures in past 3 years• No outstanding collections • No open tax liens• No recent 30+ day late payments

Cash Flow Analysis: • Sufficient business and personal cash flow to service all debt payments • Demonstrated by 2 years of tax returns, credit reports, and interim financial data

SBA Specific Criteria: • No felonies• No delinquencies and/or default on government loans

Basic Eligibility: • 2+ years in business• Owner(s) must be U.S. citizen(s) or Lawful Permanent Residents

• Business must be located in the U.S.• Business must be open to all on a nondiscriminatory basis

• Non-profit businesses are ineligible • Business must be able to demonstrate repayment ability from earnings • Business must not be involved in lending, investing in real estate, religion, politics, gambling or sex-related industries.

Approved Use of Loan Proceeds: • Working capital, e.g. payroll, inventory, marketing, finance receivables, bookkeeping and legal fees, hiring • Refinance existing business debt • New equipment purchase • No Construction• No Acquisitions

SBA 7a Loan Program: Working Capital or Business Debt Refinance Loans or Business Expansion

Ineligible Industries

  • Banks

    • Bail Bond Companies

    • Direct Lenders

    • Factoring Companies

    • Farms

    • Gas Stations

    • Gambling

    • Investment Companies

    • Life Insurance Companies (not independent agents)

    • Non-profits

    • Other businesses whose stock in trade is money

    • Pornography

    • Tobacco-related businessesI'm a paragraph. Click once to begin entering your own content. You can change my font, size, line height, color and more by highlighting part of me and selecting the options from the toolbar.
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