The Small Business Administration (SBA) is an independent agency of the Federal Government, established by Congress to advise and help the Nation’s small businesses.
Even if you have been turned down by your local bank, a SBA lender may be able to help you. Many SBA lenders will give special consideration to minority and/or women owned businesses. You will still need to meet the credit criteria. These are loans not grants.
SBA loans can be used to provide financing for the following uses:
- Provide small businesses with working capital
- Purchase real estate premises
- Purchase of furniture and fixtures
- Purchase of machinery and equipment
- Leasehold improvements
- Purchase of additional inventory
- Business acquisitions
Depending on the use of loan proceeds, security for SBA loans may consist of one or more of the following:
- First or second deed of trust on business real estate
- Security agreement and UCC filing on business assets
Criteria Our minimum loan amount is $150,000. To obtain the SBA Guarantee you must be able to invest up to 30% of your loan amount in your business and have collateral. Collateral can come from the business you are purchasing, but that CAN NOT be the sole source of collateral.
In most cases our lenders prefer Real Estate (that you already own) as collateral. Yes, you can use the real state you are purchasing w/ the loan, but it CAN NOT be the sole source of collateral.
If you do not have either the collateral or investment required, please review our Unsecured Loan Program. This program doesn’t require any collateral or a down payment.