Get the working capital you need to start a business, grow your organization or take ownership of an existing company.
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. The maximum SBA 7(a) Loan amount is $5,000,000.
|
Use of Funds |
Working capital Equipment and inventory purchases Leasehold improvements Commercial real property acquisition Business acquisition Business debt refinancing |
|---|---|
|
SBA Guaranteed Percentage |
85% guaranteed by SBA for loans up to $150,000 75% guaranteed by SBA for loans greater than $150,000, subject to the $3,750,000 maximum guaranteed amount |
|
Terms |
The maximum loan maturities vary depending on the use of proceeds:
|
|
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 Business must be located in the United States |
For more information on SBA Loans, please visit www.sba.gov.
Please contact our SBA Department for all your SBA Loan needs at 866-228-4296 or speak with your local Cathay Bank branch manager.
