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Loan Programs
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SBA financing of up to 40% of total eligible project costs combined with a participating bank’s financing of 50% to enable a business to purchase/construct/renovate a building and/or purchase equipment.
• Advantages of this program over conventional financing are low down payment (usually only 10% of total project costs from borrower), long-term (20 years), and a fixed interest rate on the SBA loan.
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Community Reinvestment Fund (CRF) loans are also for fixed asset financing and offer similar benefits to the SBA 504 loan.
• Advantages are the same; however, if the project is located in a New Markets Tax Credit area, the terms and conditions of the loan are somewhat better than the SBA 504 loan. Not for profit organizations are also eligible.
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Emergency disaster loans, working capital loans through the SBA 7(a) loan program, as well as other sources of funding are described in this section.
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