In every aspect of business some form of funding is required. For many business it is not possible to advance or even begin without the availability of capital. Getting a loan for the business may be an arduous task as many businesses have their own unique factors. Having a business loan takes on a great responsibility and having the right amount of leverage is crucial. The flip side of that coin is where many businesses also fall into the trenches as underfunding the business venture is just as dangerous as not managing borrowed capital.
Business and projects in different industries can have access to capital. Whether it’s mining, technology, agriculture or energy we will explore the funding options given your situation.
Funding is available for anything from golf equipment, business vehicles, furniture and fixture (FF&E), working capital, sale leaseback, franchise financing, owner occupied real estate etc.
Small Business Loans
Considering buying a business or wanting to take a profitable business the next step up. Without loans, many small business owners would be unable to realize their dreams. The SBA has two great programs that we could help you participate. The 504 & 7(a) Loan Programs.
SBA 7(a) Loan
Funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes.
SBA/CDC 504 Eligibility Requirements
The 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. 504 loans are made available through Certified Development Companies (CDCs), SBA’s community based partners for providing 504 Loans.
- Businesses in the following related industries are considered: manufacturing, retail/wholesale, service and construction
- The business must have a net worth less than $15 million and average annual net profits for the past two years of less than $5 million
- Minimum FICO of 650
- No previous bankruptcy
- First lien on assets or collateral
- Borrower must occupy 51% of the existing to establish owner occupancy
- On a new facilities, borrower must occupy 60% of the space
Loan Sizes: $250,000 – $15,000,000
Property Types: medical, self-storage, industrial, day-care centers, gas stations, manufacturing, assisted living facilities and Hotels.
- Three (3) years of personal and business tax returns.
- A description of what the business does (products, services, client base, location, years in business , etc.) and owner(s) involvement.
- Dollar amount requested. Purchase or refinance. Use of proceeds.
- If refinance, please include rate, prepayment penalty, term, date of closing, balloon (if any) of the debt to be refinanced. (See Application)
- List details of all SBA loans borrower has had in past or present.
- Current financial statement of all principals.
Click to download the BNABusinessLoanApplication1 (184.7 KiB)
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