Reliance Bank is Your SBA Loan Connection
At Reliance Bank, our dedicated Business Bankers work with local businesses, small and large, to help business owners start, grow, and succeed. A Small Business Administration (SBA) Loan can provide businesses with financing options to meet their needs whether to start a new business, assist in the operation, acquisition, or expansion of existing clients.
Ask us about reduced fees on SBA 7(a) loans of $150,000 or less. Annual service fees and upfront guaranty fees are being waived by the SBA for a limited time. Other bank and third party fees may apply.
SBA Loan use might include:
- Purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities
- Acquire equipment, machinery, furniture, fixtures, supplies, or materials
- Refinance existing businesses indebtedness, which is not already structured with reasonable terms and conditions
- Short-term working capital needs
- Purchase existing businesses
- Maximum terms: Real Estate – 25 years, Machinery/Equipment – 10 years, and Working Capital – 7 years
Important SBA Loan Features and Qualifications:
- Those owning 20% or more of the business must personally guarantee the loan
- Borrower must have a minimum of 10% equity injection
- Maximum aggregate SBA Guaranty – $3.75 million
- Size Limit – Maximum tangible net worth $15 million or less, and 2-year average net income after federal income taxes of $5 million
- Must be for-profit business and meet the SBA size standards; show good character, credit, management, and ability to repay.
SBA Programs Available from Reliance Bank Include:
- 7(a) Loan
- Maximum Loan Amount – $5 million
- Maximum SBA Guaranty – $3.75 million
- 85% SBA Guaranty on loans up to $150,000 and 75% SBA Guaranty on loans greater than $150,000
- Express Loan
- Maximum Loan Amount – $350,000
- 50% SBA Guaranty
- Rural Lender Advantage
- Maximum Loan Amount – $350,000
- SBA Guaranty same as 7(a) Loan
- Patriot Express (for Veterans)
- Maximum Loan Amount – $500,000
- SBA Guaranty same as 7(a) Loan
You may also be interested in: