The 504 SBA Loan Program provides long term financing for major fixed asset
purchases. This program provides loans from $250,000 to $2 million in financing
to small businesses and USDA loans up to $4 million. It is designed for corporations, partnerships, and
proprietorships with a net worth not to exceed $6 million.
The 7A SBA Loan Guaranty Program provides the Bank up to 75% guaranty on
Long term loans when the proceeds of the loan are used for fixed asset
purchases, working capital, or the refinance of existing debts for
owner-occupied businesses.
The U.S. Small Business Administration (SBA) was created by Congress in 1953 to
help America's entrepreneurs form successful small enterprises. SBA loans
are not actual government loans. They are, in fact, loans from a lender
that are guaranteed by the U.S. Small Business Administration. Most often SBA
loans provide funding for small businesses that are unable to obtain more
traditional financing. For loans over $150,000, the SBA guarantees up to
75 percent of the loan.