Loan Amount
Up to $1,000,000
Eligibility/Use Of Funds
Fixed assets; working capital; inventory; no prevailing wage
requirements
Incentive/Benefit
Access to capital; loan guarantee for up to 85% of eligible
projects, for loans up to $150,000, and up to 75% for loans
greater than $150,000.
Rate/Term
Bank rate, to maximum of up to 2.75% over Prime Rate; term up to
25 years
Requirements
Meet the following SBA small business criteria:
- Business must be a for-profit corporation, partnership, or
sole proprietorship
- Net worth must not exceed $6 million
- Average net profit after taxes must not exceed $2 million or
the preceding two years.
- Business must fall within SBA size standards for their
designated industry.
- Only businesses occupying and operating within a site
receiving loan proceeds are eligible. Investment landlords are
not eligible.
- An SBA-504 loan is appropriate if total financing for your
project is not available from private sources.
Further Information/Contact
Financial Institutions or visit
www.sba.gov/financing/sbaloan/7a.html |
