SBA Small Business Loans
Small Business Administration Loans are designed specifically for small businesses and offer advantages that conventional loans don’t. These loans are guaranteed by the Small Business Administration, which allows lenders, like Core Bank, to provide loans to small businesses without requiring the collateral that a traditional commercial loan would require.
Helping Guide Small Business Owners
Core Bank’s team of friendly professionals is the trusted resource for small businesses to lean on for the financing needed to grow, and we are committed to providing the guidance you need.
Learn more on our blog, Ask The Experts: An SBA Loan Q&A
SBA Loan Types
Core Bank offers two types of SBA loans so you can choose the best option for the needs of your business.
SBA 7(a) Loans
This is the SBA’s primary loan program for both existing and startup businesses to obtain financing that they wouldn’t be able to acquire through traditional lending options. 7(a) loans are highly flexible, allowing small businesses to use them for a variety of reasons, including working capital, furniture, real estate, machinery and equipment, and even debt refinancing in specific scenarios. For working capital, loan maturity is up to 10 years. For fixed assets, it’s up to 25 years. There are multiple types of 7(a) programs, including Express Programs, Export Loan Programs, and Special Purpose Loan Programs.
SBA 504 Loans
The SBA 504 loan program is for growing businesses that need long-term, fixed-rate financing for purchasing fixed assets, including real estate, land, buildings, and equipment. Unlike the 7(a) loan, 504 loans can’t be used for things like working capital. 504 loans include three parties: a private sector lender (like Core Bank), a Certified Development Company, and the borrower or small business. Generally, the private sector lender covers 50% of the loan, the CDC covers 40%, and you, the borrower, are responsible for contributing 10% of the loan amount.
Small Business Loan Interest Rates
Core Bank offers great interest rates with longer repayment terms (up to 25 years) freeing up cashflow for uses other than paying off debt.
SBA Loan FAQs
How do small business loans work?
SBA loans give you a lump sum of funds to pay back in the future at a fixed rate. Core Bank offers low interest rates with longer repayment terms so you can focus on growing your business.
How do I qualify for a small business loan?
To qualify for an SBA Loan, you must be officially registered as a for-profit business, and you must be operating legally. Your business must have fewer than 500 employees, and less than $7.5 million in annual revenue on average for the past three years.
How much can you borrow with an SBA loan?
Loan amounts vary based on the size of you business, but the maximum borrowing amount is $5 million.
Find a Core Bank Near You
Core Bank proudly offers personal and business banking solutions made for you. With banking centers in Omaha, Overland Park, and Mesa, we’re here to help you borrow and save confidently. Discover your nearest Core Bank today!
Contact Core Bank
Get in touch with our business banking team to learn more about our SBA loans, answer any questions you have, and to easily start the application process today!
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