If you wish not to apply for an asset based business loan or asset based business line of credit, a SBA loan with conforming rates would be a great alternative. It is unnecessary to opt into a commercial hard money loan if you have the qualifications for a conforming business loan program.
Good Business Lending Terms for SBA 7(a)
- Starting at $350,000
- Maximum loan amount $5M
- 25 year term with real estate collateralization
- 10 year term for working capital
- 680 or better lending score
Most SBA lenders require a 680 or better score, especially if you are asking for a larger loan amount. Check your personal credit and business credit first before you apply with any lender for business financing. The SBSS score is also implemented to approve your SBA loan, minimum requirement is a 160 SBSS score for some lenders. Moreover, your debt service ratio must align with SBA guidelines.
Advantages of SBA Express
- Starting loan amount $50,000 to $350,000
- Ideal for businesses who have no commercial real estate to collateralize.
New Construction Commercial Owner User
SBA 504 loan amounts go up to $10M and allows new commercial construction as long as you occupy the building or one unit of a building. A new commercial construction loan with conforming terms may fit your Florida or California business development.
We Do the Leg Work
Our “Easy SBA” allows us to process most of the leg work fast, except for the 414 form, which should be completed by a CPA, accountant or CFO. We verify your disclosures are accurate and verified before they are sent to the lender.
For more information on how we can help Floridians locally with SBA Lending in Naples FL and Fort Myers, please fill out the online contact form about your concerns or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page