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Small Business Administration
Key Features of SBA Loans
Flexible Financing Solutions
SBA financing is designed to provide small businesses with access to credit featuring structures and terms that may be more flexible than conventional lending options. PNC has a long history of helping business customers match their financing needs with the appropriate SBA lending program. Start a conversation with a PNC Business Banker about an SBA loan that makes sense for your current and future business objectives.
SBA Use of Proceeds:
- Business acquisition, expansion or start-ups
- Commercial real estate purchase, expansion, renovations or leasehold improvements
- Equipment and inventory purchases
- Franchise financing
- Working capital and refinancing existing debt (restrictions apply)
SBA Financing Features:
- Competitive fixed rate for the life of the loan
- Longer repayment terms which means lower monthly payments
- Down payments as low as 10%
- No prepayment fee on terms less than 15 years (excluding SBA 504)
- No balloon payments on SBA 7(a) loans
SBA Loan Programs
The U.S. Small Business Administration has authorized fee relief to help support veterans and eligible members of the military community establish or expand a business.
The SBA has eliminated the upfront SBA guaranty fee on SBA Express Loans to veterans and those who qualify as a veteran* in the military community. For all SBA Express loans to qualified veteran-owned businesses, the upfront guaranty fee will be 0% up to the maximum loan amount of $500,000.
*For SBA Express loans only, the Upfront Fee (also known as the SBA Guaranty Fee) is waived for loans to qualified businesses owned and controlled by a veteran (other than a veteran who received a Dishonorable or Bad Conduct Discharge), Service-Disabled Veterans; Active Duty military service member participating in the military’s Transition Assistance Program (TAP); or spouse of a Veteran, Active Duty service member, or widowed spouse of a service member who died while in service or of a service-connected disability.
Both growing and well established businesses can use the SBA 7(a) loan program to meet a variety of business credit needs. The SBA 7(a) loan program features loan amounts up to $5 million and long-term financing.
The SBA 7(a) loan program can be used to finance commercial real estate, renovations or improvements; business acquisitions, expansions or start-ups; franchise purchase; equipment or inventory; working capital; or refinancing existing debt (certain restrictions apply).
- Broad eligibility – loan proceeds may be used for a wide variety of business purposes in one loan, including eligible fees and project costs.
- SBA guarantee program – assists businesses in qualifying for loans they want
- More flexible – often with longer repayment terms and lower down payments than conventional bank loans
- No prepayment fees – for loans with repayment terms less than 15 years
The SBA 504 loan program is for businesses that want to finance larger projects including commercial real estate, heavy equipment, construction and major renovations.
In addition, the SBA 504 loan program features a debt refinancing program which can help a business improve cash flow by lowering its monthly payments on existing conventional loan debt.
- Low down payments – as little as 10% of the total project cost
- Longer repayment terms – up to 25 year repayment terms
- Larger dollar limits – enables a business to finance the cost of acquiring and/or constructing larger fixed assets such as commercial real estate and heavy equipment
- Competitive rates – providing more cash flow to use towards operating costs and the ability to fix the rate for a longer term.
The SBA Express Line of Credit can be used to finance short-term and medium-term working capital and general business needs, with loan amounts up to $500,000.
SBA Express Lines of Credit offer flexible financing for everyday business expenses, working capital and expansion.
- Simplified application processing – streamlined loan application process expedites loan turnaround
- SBA guarantee program – assists businesses in qualifying for financing
- More flexible – Five-year revolving line of credit followed by five-year term loan period
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