|SBA 7(a) Loan Program||SBA 504 Loan Program|
|Use of funds||Start-up, acquisition, remodel, real estate purchase/construction, equipment, leasehold improvements, franchise fees, debt refinance, inventory & working capital||Purchase, construct or renovate owner-occupied commercial real estate or purchase equipment|
|Loan Amount||Up to $5 million||No maximum amount (typically up to $12 million)|
|Terms||Up to 7 years for working capital, 10 years for equipment or business acquisition, and 25 years for real estate||Up to 20 years on real estate and up to 10 years on equipment|
The Small Business Administration (SBA) offers both SBA 7(a) Loan Program and SBA 504 Loan Program loans that have great advantages over conventional financing. Our experienced team at Stearns Bank will walk you through the entire loan process and help you select the type of loan appropriate for your situation.
For more information, please contact our SBA lending department at 1-888-320-2899.
Go to www.sba.gov to learn more about these government programs.