SBA 504 & 7a Lending Programs are available options at Ann Arbor State Bank
In general, to qualify for an SBA Loan, a business must be:
- US-based business
Loan Uses and Terms
SBA loans are meant to finance the growth or creation of business and fall into four broad categories:
- Purchase of Existing Business
- Businesses with a track record of success are good candidates for an SBA loan
- Collateralization requirements are typically less stringent than for conventional loans, and often a lower down payment is required
- Many businesses could not be sold under any other terms, making SBA lending beneficial to both buyer and seller
- Purchase, Construction or Refinance of Owner Occupied Real Estate
- Loan terms up to 20 years
- Capital Assets
- For the purchase and use of capitalized assets, typically machinery and equipment.
- Loan terms up to 10 years
- Working Capital
- For needs like managing day-to-day cash flow
For more information on SBA lending programs, you can visit www.sba.gov.
- SBA Loans explained!