|
What is an SBA loan?
The U.S. Small Business Administration (SBA) has created a program of government-guaranteed loans designed to assist small businesses that may not otherwise qualify for and access traditional credit. As an SBA Preferred Lender, Community National Bank provides needed capital to eligible small businesses located in the communities we serve throughout Long Island and the Metropolitan New York Region.
Qualifying for an SBA loan could be easier than qualifying for other loans since the programs allow for higher loan-to-value ratios, more flexible terms and reduced debt coverage requirements. An eligible small business could qualify for up to 90% financing of a project and the Bank takes into account projected earnings as well as historic results.
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Who it's for
SBA loans are for businesses that operate for-profit, are owner operated, show the ability to repay the loan and are within the size standards designated by the SBA for their industry. The business has to be organized in an acceptable manner and must not be able to qualify for credit on reasonable terms.
|
