Unsecured SBA LOANS
• Loan amounts up to $ 5,000,000. 00
• Rates 6.25% APR to 8.50% APR PLUS PRIME RATE 2.75%
• Terms 10 to 25 years
• Monthly repayment
• No prepayment penalties
Required Documents
• Online application completed
• Last 3 years of business and personal tax returns
• Year to Date P&L and Balance sheet for the year apply for loan
• Complete last 6 months of the business bank statements
• Attached Debt Schedule completed listing all business debt loans and credit cards etc…
What are the basic requirements?
Businesses that qualify for an SBA loan from a marketplace bank typically have more than $100,000 in annual revenue. Most of our businesses are profitable and cash flow positive. All are able to show that they can afford to make our monthly loan payments.
SBA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000
• Minimum 2 years in business
• U.S. based business owned by US citizen or Lawful Permanent Resident who is at least 21 years’ old
• Good personal credit score of 640 or higher
• No outstanding tax liens
• No bankruptcies & foreclosures in the past 3 years
• No recent charge-offs or settlements
• Current on government-related loans
SBA 7(a) Commercial Real Estate Loans from $500,000 to $5 million • The real estate must be majority owner-occupied. This means that at least 51% of the square footage of the property you’re buying must be occupied by and used by your business.
• Time in Business: 2+ Years
• Business owners must have personal credit scores above 660
• Cash Flow: Sufficient business and personal cash flow to service all debt payments demonstrated by 3 years of tax returns and interim financial data
• SBA Specific Requirements: No delinquencies and/or default on government loans
Do I need to personally guarantee the loan?
All business owners who own 20% or more of the business must provide a personal guarantee. Married couples who collectively own 20% or more of the business when their shares are combined, must both provide a personal guarantee.
What industries are eligible?
From a hair salon to an online retailer to an accounting firm – there are many small businesses that are eligible for an SBA Loan and most industries are eligible. Industries that are excluded include gambling, lending, life insurance, religious teaching, primarily political and lobbying activities, oil wildcatting, mining, mortgage servicing, real estate development, bail bond, pawn or private clubs, among others.
What can I use my funds for?
Need new equipment? Is it time to hire another employee? Would you like to purchase or refinance commercial real estate? You can use your funds in a variety of ways depending how much you're borrowing.
• $30,000 to $350,000: Loans of this amount can be used for working capital (such as operational expenses, marketing, hiring, etc.), new equipment purchases, and to refinance existing business debt not secured by real estate (such as cash advances, business loans, and equipment leases).
• $500,000 - $5 million: Loans of this amount can be used for the purchase or refinance of commercial real estate. To qualify, the real estate must be majority owner-occupied. This means at least 51% of the square footage of the property being purchased must be occupied by and used by your business.
I’ve been turned down by my bank before. Can I still get an SBA loan?
Yes. We have helped many small businesses obtain an SBA loan from a marketplace bank even after they have been turned down by other banks.
Can I get a second SBA loan?
Yes, many customers get a second SBA loan as their business grows and needs additional capital. If you receive approval for more than one SBA loan within 90 days of each other, the loans will be treated as if they were one loan for purposes of determining the amount of the SBA guarantee fees, if any.
• Loan amounts up to $ 5,000,000. 00
• Rates 6.25% APR to 8.50% APR PLUS PRIME RATE 2.75%
• Terms 10 to 25 years
• Monthly repayment
• No prepayment penalties
Required Documents
• Online application completed
• Last 3 years of business and personal tax returns
• Year to Date P&L and Balance sheet for the year apply for loan
• Complete last 6 months of the business bank statements
• Attached Debt Schedule completed listing all business debt loans and credit cards etc…
What are the basic requirements?
Businesses that qualify for an SBA loan from a marketplace bank typically have more than $100,000 in annual revenue. Most of our businesses are profitable and cash flow positive. All are able to show that they can afford to make our monthly loan payments.
SBA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000
• Minimum 2 years in business
• U.S. based business owned by US citizen or Lawful Permanent Resident who is at least 21 years’ old
• Good personal credit score of 640 or higher
• No outstanding tax liens
• No bankruptcies & foreclosures in the past 3 years
• No recent charge-offs or settlements
• Current on government-related loans
SBA 7(a) Commercial Real Estate Loans from $500,000 to $5 million • The real estate must be majority owner-occupied. This means that at least 51% of the square footage of the property you’re buying must be occupied by and used by your business.
• Time in Business: 2+ Years
• Business owners must have personal credit scores above 660
• Cash Flow: Sufficient business and personal cash flow to service all debt payments demonstrated by 3 years of tax returns and interim financial data
• SBA Specific Requirements: No delinquencies and/or default on government loans
Do I need to personally guarantee the loan?
All business owners who own 20% or more of the business must provide a personal guarantee. Married couples who collectively own 20% or more of the business when their shares are combined, must both provide a personal guarantee.
What industries are eligible?
From a hair salon to an online retailer to an accounting firm – there are many small businesses that are eligible for an SBA Loan and most industries are eligible. Industries that are excluded include gambling, lending, life insurance, religious teaching, primarily political and lobbying activities, oil wildcatting, mining, mortgage servicing, real estate development, bail bond, pawn or private clubs, among others.
What can I use my funds for?
Need new equipment? Is it time to hire another employee? Would you like to purchase or refinance commercial real estate? You can use your funds in a variety of ways depending how much you're borrowing.
• $30,000 to $350,000: Loans of this amount can be used for working capital (such as operational expenses, marketing, hiring, etc.), new equipment purchases, and to refinance existing business debt not secured by real estate (such as cash advances, business loans, and equipment leases).
• $500,000 - $5 million: Loans of this amount can be used for the purchase or refinance of commercial real estate. To qualify, the real estate must be majority owner-occupied. This means at least 51% of the square footage of the property being purchased must be occupied by and used by your business.
I’ve been turned down by my bank before. Can I still get an SBA loan?
Yes. We have helped many small businesses obtain an SBA loan from a marketplace bank even after they have been turned down by other banks.
Can I get a second SBA loan?
Yes, many customers get a second SBA loan as their business grows and needs additional capital. If you receive approval for more than one SBA loan within 90 days of each other, the loans will be treated as if they were one loan for purposes of determining the amount of the SBA guarantee fees, if any.