Fairless Hills, PA: 215-943-8850 + |
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Counseling Information
Max Gross, |
DOCUMENTS MENU
SBA LOANS
Note: SBA Loan terms and guarantees are
continually changing. Please check with your banker for latest terms
SBA GUARANTEED LOAN PROGRAM - 7A SOURCE: From Lending Institutions.. SBA
Guaranteed ELIGIBILITY: For-Profit Businesses (Some Exceptions) RATE: Less Than 7 Years = 2.25%max + NY Prime Rate More than 7 Years
= 2.75 max + NY Prime Rate. Under $50,000 Loan, Lender May Charge an Extra
Point COLLATERAL: Personal Guarantee by Owners. Lien on Business or
Personal Assets if needed. AMOUNT: SBA Guarantee = 75% to 85% up to $1,000,000 Usual Minimum is
$50,000 FEES: 2% of Guaranteed Portion OTHER: SBA Usually Requires owner to inject 1/3 to 1/2 Cash and/or
Assets if a New Business OTHER: Pamphlet "Business Loans From the SBA". Attend SCORE
Seminars. See your SBA Authorized Banker for Specific Requirements SBA
SMALL LOAN PROGRAM
SOURCE: From Lending Institutions.. SBA
Guaranteed ELIGIBILITY: For-Profit Small Business (Some Exceptions) RATE: By Negotiation With Lender COLLATERAL: Personal Guarantee by Owners. Lien on Business or
Personal Assets if Needed. AMOUNT: $50,000 or Less and 90% SBA Guarantee FEES: 2% of Guaranteed Portion OTHER: A New Simplified Short Form SBA #4 is Available to Facilitate
This Program INFO: See SBA Fact Sheet #40-00.04.Attend SCORE Seminars. See your
SBA Authorized Banker for Specific Requirements MINORITY
PRE-QUALIFICATION PILOT LOAN PROGRAM
WHAT IT IS: Provides minority assistance in qualifying by providing
intermediaries selected by SBA to help prepare and review business plan and
pre-qualification loan application. If qualified, SBA will authorize a loan
guarantee which is presented to a competitive lender with assistance by the
intermediary. ELIGIBILITY: At least 51% owned and operated by racial/ethnic
minority. Must meet 7(a) loan eligibility and size criteria. INTEREST RATE: Same as 7(a) loans. Maturity also similar. AMOUNT: Generally the maximum loan is $155,000 CREDIT AND Willingness/ability to pay debts. Good credit. COLLATERAL: Likelihood for success. Must pledge business/personal
assets and personally guarantee loan. Loan may not be denied if inadequate collateral
is the only negative. FOR INFORMATION: Contact CDC Small Business Finance Corp.
714-978-1182 or 909-352-5730 SBA
LOWDOC LOAN PROGRAM
SOURCE: SBA-Approved Banks..If Approved, SBA
Guarantee to 90% ELIGIBILITY: Approval Based on Character, Credit, and Business
Experience. Can be Used for Existing Business, Purchase of a Business, or
Start-Up AMOUNT: To $150,000 OTHER: This is a New Program, Emphasizing User-Friendly Applications,
Rapid Response. Comprehensive Business Plan Not
Needed for Existing Business but Needed for Start-ups. Provides Streamlined
Application for Loans Under $150, 000. INFO: See LowDoc Fact Sheet and List of Approved Banks. SBA
CONTRACT LOAN PROGRAM
SOURCE: From Lending Institution.. SBA
Guaranteed ELIGIBILITY: Contractor/Sub-Contractor in Construction,
Manufacturing, or Service Industries RATE: By Negotiation With Lender COLLATERAL: Assignment of Contract Proceeds, Personal Guarantee by
Owners, and Outside Assets AMOUNT: SBA Guarantee 75% to $1,000,000 and to 85%% for Loans to
$155,000 OTHER: This is a Short-Term Non-Revolving Loan for Labor and
Materials for a Specific Project. Requires Business in Operation 12
Months, INFO: See SBA Fact Sheet #53 .Attend SCORE Seminars.See your SBA
Authorized Banker for Specific Requirements DOCUMENTS MENU |
