This is a government-guaranteed
loan program to encourage lenders to extend business loans to qualifying
small businesses that cannot
obtain funds on reasonable terms through other conventional lending.
| Use of Funds |
 Working
capital
Equipment and inventory purchases
Leasehold improvements
Real property and business acquisitions
Business debt refinancing |
 |
SBA Guaranteed
Percentage |
85%
guarantee by SBA for loans up to
 $150,000
75% guarantee by SBA for loans greater
than
$150,000, subject to the $1,500,000
maximum
guaranteed amount |
|
| Terms |
The maximum loan maturities vary depending on the use of
proceeds:
Working
capital - 5 - 7 years
Fixed asset acquisition - 7 - 10 years
Leasehold improvements - 7 - 10 years
Business acquisition - 10 years
Real property acquisition - up to 25 years |
|
| Interest Rate |
Variable rate tied to the Wall Street Journal Prime Rate
plus a margin |
|
Eligibility
Requirements |
Must
meet the SBA size standards as to
annual
gross sales or number of employees
Must be a for-profit business operation
Must be independently owned and operated
business, and cannot
dominate in its field of
operation
Must have clear repayment ability |
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