|
|
 |
|
|
SBA Lending
As a Small Business Administration (SBA) Lender, we can offer quick processing
of your SBA request. The advantages of using the SBA loan programs include:
- Longer terms for repaying your loan request.
- Lower loan payments.
- Improved cash flow.
- Lower collateral requirements.
- With the SBA guaranty, the bank is able to lend money to businesses that would not qualify for conventional bank financing.
At United American Bank we offer 7(a) and 504 loan products. Below is a summary of both programs:
SBA Program |
7(a) Loans |
504 Loans |
Use of Proceeds |
Debt restructure
Permanent working capital
Fixed asset purchase
Owner-occupied Commercial Real Estate
Business acquisition |
Purchase of Owner-Occupied
Commercial Real Estate
and other fixed assets
|
Loan Terms |
7-25 years (depending on use of proceeds) |
10-20 years |
Interest Rates |
Variable, based on Prime |
Fixed Rate for 504 portion |
Loan to Value |
Up to 90% |
Up to 90% |
Max Loan Size |
$5 million |
$5 million |
|
To be eligible for an SBA loan, the business must:
- Be an active for-profit business.
- Be a small business. Generally under $7 million in sales for retail and service
businesses, under 100 employees for wholesale businesses and under 500 employees
for manufacturing businesses.
- For real estate acquisitions, the business must occupy 51% of an existing building and 60% for new construction.
- Owners must be of good character and generally must be a US Citizen or Permanent Resident.
|
|
San Mateo
|
|
