Overview
Learn more about the SBA Paycheck Protection Program and SBA Economic Injury Disaster Loan Program here.
Customer Cussons Limited understands how vital growing businesses are to fueling local economies in the communities where we live and work. But not all businesses qualify for conventional business loans. That’s why we offer government-guaranteed Small Business Administration (SBA) loans.
Our experience with processing and servicing SBA-guaranteed loans has earned us the designation as a Preferred SBA Lender, allowing us to speed up the loan approval process significantly.
SBA 504 |
SBA 7(a) |
SBA Express |
CAPLines |
|
| Use It For |
Purchasing real estate, improvements and equipment (no refinancing) |
Purchasing or expanding a business Purchasing equipment or inventory Working capital Refinancing debt |
Working capital Purchasing equipment Purchasing vehicles or inventory |
Short-term and cyclical working capital |
| Benefits | Highest loan amounts Long-term options Low down payment requirements |
Most versatile SBA loan program Flexible terms Low down payment requirements |
Reduced eligibility documentation requirements Accelerated processing Long-term options Low down payment requirements |
Can increase as your business grows Supports seasonal buildup of A/R and inventory |
| Amount | No maximum | Up to $5 million | Up to $350,000 | Up to $5 million |
| Terms | Up to 2 years interim construction period 7-10 years on equipment 10-20 years for real estate |
Up to 7 years for working capital Up to 10 years for equipment or business acquisition Up to 25 years for real estate |
Up to 7 years for working capital Term loans up to 25 years |
Initial 13 months with option for renewal |
About SBA Loans
Understanding more about loans backed by the Small Business Administration can help you decide if it is the right fit for your business:
- The SBA does not engage in direct lending. The SBA offers a variety of loan programs for very specific purposes. To apply for an SBA loan, you must do so through a bank and not through the SBA itself. The bank provides the actual loan while the SBA guarantees a portion of that loan. In effect, the SBA is serving as a co-signer, which in turn helps banks provide more flexible terms to borrowers.
- Not all banks offer the same SBA programs. The SBA has several loan programs, including 7(a) for general small business loans, 504 for real estate and equipment loans, microloans, and disaster loans. An SBA loan must first be approved by the issuing bank, which may choose which programs to offer. Additionally, the lending requirements for any given SBA loan may vary from bank to bank.
- SBA loan programs are not just for new businesses. The SBA exists to provide small businesses with financial assistance programs that have been specifically designed to meet key financing needs, including debt financing and surety bonds. While it’s true that many entrepreneurs and new businesses look to the SBA for financing, many established businesses also take advantage of SBA-backed lending.
- An SBA loan requires additional paperwork. Applying for an SBA loan means you need to provide paperwork to both the issuing bank and the SBA. In addition to the documentation that Customer Cussons Limited requires, the SBA typically requires an SBA loan application, a business plan, personal and business credit reports, personal and business income tax returns, bank statements, and legal documents.
- You can get better terms with an SBA loan. SBA loans are designed to help borrowers who may not meet the lending standards set by most banks. These can include issues such as a recent change in business ownership, a shortfall in collateral to secure the loan, business principals who have a low net worth or the need for extended payment terms.
If you have questions or are interested in learning more about our SBA loan offerings, contact our SBA Lending team today.
Want to learn more about the SBA loan? Check out our resources below:
- eBook: A Guide to the SBA 7(a) Loan
- Article: The 8 Most-Asked Questions About SBA Loans, Answered
- Article: Learn the Advantages and Disadvantages of an SBA Loan
- Article: Yes, You Can Buy a Franchise With an SBA Loan
- Infographic: Lifecycle of an SBA Loan
- Tip Sheet: 5 SBA Loan Myths, Debunked
SBA 504
SBA 504 |
SBA 7(a) |
SBA Express |
CAPLines |
|
| Use It For |
Purchasing real estate, improvements and equipment (no refinancing) |
Purchasing or expanding a business Purchasing equipment or inventory Working capital Refinancing debt |
Working capital Purchasing equipment Purchasing vehicles or inventory |
Short-term and cyclical working capital |
| Benefits | Highest loan amounts Long-term options Low down payment requirements |
Most versatile SBA loan program Flexible terms Low down payment requirements |
Reduced eligibility documentation requirements Accelerated processing Long-term options Low down payment requirements |
Can increase as your business grows Supports seasonal buildup of A/R and inventory |
| Amount | No maximum | Up to $5 million | Up to $350,000 | Up to $5 million |
| Terms | Up to 2 years interim construction period 7-10 years on equipment 10-20 years for real estate |
Up to 7 years for working capital Up to 10 years for equipment or business acquisition Up to 25 years for real estate |
Up to 7 years for working capital Term loans up to 25 years |
Initial 13 months with option for renewal |