SBA SMALL BUSINESS LOAN PROGRAM FEES SUSPENDED

It is a great time to apply for an SBA 7(a) Loan. The SBA announced this week that it is suspending 7(a) Loan Guarantee Fees, which means it will cost thousands less to get a business loan. The government estimates that this policy will only be in place through the end of 2009, so now is the time to apply for a loan

The SBA 7(a) program is the primary loan program provided by the Small Business Administration. This program was designed to help small businesses that otherwise could not obtain a conventional bank loan. The SBA minimizes the risk to lenders by guaranteeing a portion of the loan. The SBA can guarantee as much as 80% on loans up to $100,000 and 75% on loans of more than $100,000 
 

Uses Of The 7(a) Loan Program

You can use the SBA 7(a) business loan to purchase equipment / machinery, business acquisitions, expand or renovate business facilities, leasehold improvements, working capital (only a portion of an SBA loan can be used for working capital, generally you will also need to provide receivable to collateralize the loan), refinance some debts, seasonal lines of credit, the purchase of commercial land or buildings (not to be used for investment purposes ( your business must occupy a portion of the building / land) , & finance seasonal lines of credit.

(a) Loan Terms, Fees & Collateral Needed

Repayment terms on the SBA 7(a) loan program is usually up to 25 years for real estate, the purchase of large machinery / equipment (fixed assets) and 5 to 10 years for working capital.

The interest rate is generally between prime+1% to prime+ 2.75%. On loans below $80,000 the rates can be higher.Interest rates can be variable or fixed (depends on your lender). 

Lenders like to see fixed assets (equipment, machinery, real estate) as collateral. They will usually ask for personal guarantees from the principals of the loan and may place liens on personal property & assets

 
 
Recommended SBA Loan Sources;

Provision Capital Corporation

 

Tel: 609-844-7615

Fax: 609-844-7756
 

FocusSpeed.com Launches a New, More Convenient Source for Semiconductor Related Stock Photos

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