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Home / Business / Loans / SBA Loans

Small Business Administration (SBA) Loans

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Whether it's a building or equipment purchase, expansion, working capital or other financing need - an SBA Loan just may be the solution your business needs.

Work with a Preferred Lender

To learn more, schedule an appointment with a Lending Officer.

 

SBA Myths as featured in Smart Business Magazine or printable PDF.

As a designated SBA Preferred Lender, we can offer a streamlined SBA application process allowing for a quicker turnaround, so that you can take care of business sooner.

First State Bank's commercial loan officers are dedicated to helping small businesses.  We will look for the best financing to meet your goals which might very well be a SBA loan product.

  • SBA loans are available to new and existing businesses
  • SBA loans are, in part, guaranteed by the U.S. Government and can offer certain benefits not available with conventional loans
  • SBA loan programs can offer lower down payments and longer term financing helping start-up businesses, or ones about to expand, to keep cash flow for operational expenses and put less towards debt repayment

Our experienced Commercial Loan Officers can help you decide if one of these SBA programs makes sense for your business:

SBA Real Estate Loans - Borrower must be an owner/user occupying at least 51% of an existing structure or 60% of a newly constructed building. Up to $5 million for SBA 7(a) loan and up to $15 million for SBA 504 loan for qualified properties.

SBA Non-Real Estate Loans - Borrowers typically use loan proceeds for business acquisition, refinancing, inventory, equipment purchase, working capital. Up to $5 million.

SBA Express - Designed for borrowers of a growing small business that need financing for business purchase or refinance, leasehold improvements, equipment, working capital line of credit. Up to $350,000, but temporarily increased to $1 million, until September 27, 2011.

Patriot Express - Designed exclusively for veterans, members of the military and their spouses who want to establish or expand a small business. Up to $500,000.

An SBA loan offers: Use your SBA loan for:
  • Up to $15 million for SBA 504 loans
  • Up to $5 million for SBA 7(a) loans
  • Local decisions since First State Bank is an SBA Preferred Lender
  • Prompt loan funding
  • Longer repayment periods resulting in lower monthly payments
    • Up to 20 years for real estate
    • Up to 10 years for equipment and working capital
  • Lower down payment
  • No balloon payments
  • Purchase or refinance of owner-occupied real estate
  • Construction
  • Renovation
  • Leasehold improvements
  • Business acquisition
  • Business start-up
  • Debt consolidation
  • Machinery or equipment purchase
  • Inventory purchase
  • Working capital

 

 

 

 

 

Qualifications for an SBA Loan

  • Many businesses can qualify to apply for an SBA loan. More than 90% of businesses in the United States are small by SBA standards.
  • To determine your eligibility for an SBA loan, we consider your annual sales volume, number of employees, and your business type. We also review your credit history and repayment ability based upon a cash flow analysis of your business.

We will do the paperwork but here is what you'll need to apply:

  • A business plan which details the use of loan proceeds
  • Business history and management resumes
  • Business and personal financial statements
  • Schedule of accounts receivable, accounts payable and other debt
  • Financial projections
  • Additional information as necessary


Loans are subject to credit approval, verification and collateral evaluation. Businesses must meet SBA guidelines.

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