Loans to power your business.
The Small Business Administration (SBA) 7(a) loan program provides financing options to purchase existing businesses that might not otherwise qualify for a bank loan. 7(a) loans generally provide greater flexibility, longer terms and lower down payments compared to other financing options and are repaid with monthly payments of principal and interest.
7(a) Loan details:
- Provide financing for business purchases with and without real estate
- Higher advance rates on total purchase not available with conventional financing
- Both tangible and intangible assets may be financed
- Buy out a Partner and full ownership transfer
- Loans up to $5 million
- Low down payment requirements
- Terms from 10 to 25 years fully amortized, depending on use of proceeds
- Benefits entrepreneurs by providing financing for businesses with existing cash flow
- No maximum loan-to-value requirements
- A minimum 10% equity down payment
- Eligible borrowers and business types apply
- Direct or transferable experience required
- Business must demonstrate adequate cash flow for repayment
- Collateral must be pledged to the extent available
- Personal guarantees required
Small Business Administration (SBA) Preferred Lender
Tri Counties Bank is an SBA Preferred Lender with a dedicated SBA support team for a streamlined approach and faster closings to meet your deadlines. Starting with the convenience of working with the team at your local branch, you’ll find an easy application process and simplified documentation requirements that result in a lending solution that improves your business finances and enhances your business strategy.