BankNewport can support your financing needs with a full complement of SBA Loans.
What is an SBA Loan?
The U.S. Small Business Administration (SBA) is an independent agency of the federal government that created a program designed to help small businesses that may otherwise not meet a bank’s credit requirements to obtain financing. SBA realizes that small businesses are the backbone of our economy. By utilizing the SBA program of government-guaranteed loans, a small business is able to improve its chances by qualifying for more flexible terms than conventional financing. SBA loans also provide much needed financing for special interest groups, such as: Women owned businesses, Veterans, Native American and Young Entrepreneurs.
To qualify for an SBA loan, your business must meet the following criteria:
- Meet the SBA size guidelines
- Be an owner-operated, for profit entity
- Organized as a sole proprietorship, corporation, or professional partnership
Types of loans:
- Lines of Credit
- Term Loans
- Equipment Loans
- Business Acquisition Loans
- Commercial Mortgages
Special Programs:
- SBAExpress Program Loan
- 7(a) Loan Program
- SBA504 Program Loan
- An economic development vehicle offered to help stimulate the economy by financing up to 90% of fixed asset acquisition.
Additional information can be obtained at the SBA website, which is: www.sba.gov
Lines of credit up to $75,000 and term loans up to $150,000 that are financed in conjunction with the SBAExpress Program are also supported within BankNewport’s Small Business Lending Program category.
For more details and information, contact Our Commercial Lending Team or call 845-2265 or 877-709-2265.