We offer a variety of government guaranteed loan programs to assist you in qualifying. We will work with you to determine which program might be best for your business.
SBA loans can be used to purchase a business, finance a new business and refinance an existing business loan. County Commerce Bank has Preferred Lender (PLP) status with the SBA and participates in many facets of SBA and other government guaranteed programs. SBA loans are partially guaranteed by the US Small Business Administration. PLP status allows us to make loan decisions on behalf of the SBA which speeds up processing, approval and funding. We offer SBA 7(a) and 504 financing.
SBA 7(a) Loan: This program is available for the business owner that needs long term financing for purchasing equipment, furniture, fixtures, working capital or purchasing a business. It also can be used for buying commercial property, construction or renovation.
SBA 504 Loan: This loan program is used to purchase commercial real estate or a large piece of equipment.
SBA real estate loans require a smaller down payment than conventional financing. SBA equipment and working capital loans are paid back over a longer period than conventional loans, enhancing your business cash flow.
- Loans available for real estate purchase, refinance and construction of commercial real estate with a maximum loan to value of 90%
- High loan to value ratio lets you use available funds for other purposes.
- Real estate loans are fully amortized over 25 years with no balloon payment.
- Equipment loans are amortized over 10 years with no balloon payment.
- Working capital loans are amortized over 7 years with no balloon payment.
- Longer repayment periods allow you to take advantage of lower payments.
For more detail on all of the SBA loans available and all of the other services offered by the Small Business Administration, please visit their web site at www.sba.gov.