SBA Loans | Accessible Small Business Loans
With extensive, specialized experience in SBA lending, the team at Core Bank is the trusted resource small businesses lean on for the financing needed to grow. Get in touch with us today to start exploring the possibilities.
Partner with the Experienced Team at Core Bank
As an SBA Preferred Lender, our team has been trusted by countless businesses to guide them through the process of obtaining an SBA loan.
The Personalized Attention Small Businesses Need
Small businesses have needs that large businesses don’t. With Core Bank, you will receive the one-on-one attention that you need. And as an SBA Preferred Lender, we have the ability to make all loan decisions locally which means our small business clients will experience a streamlined process handled by a team of experts who care about your business.
We Measure Our Success by Yours
We put you, our customers, at the core of everything we do. We don’t judge our success by the size of our bank. We judge our success by how we help our customers. The value we deliver is what we focus on and care about.
Let’s get started
Lean on our specialized team to learn more about SBA loans and how to obtain a loan for your small business.
About SBA Loans
What Are SBA Loans?
SBA loans, or Small Business Administration Loans, are loans that are designed specifically for small businesses and have advantages that conventional loans don’t. These loans are guaranteed by the Small Business Association, which allows lenders, like Core Bank, to provide loans to small businesses without requiring the collateral a traditional commercial loan would require. SBA loans are often the best and sometimes only way for small businesses to acquire the financing they need to grow.
Types of SBA Loans
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.
Advantages of SBA Loans
SBA loans have advantages that conventional small business loans don’t. This is why they’re such a popular option, as well as why we’ve partnered with numerous small businesses looking to grow through obtaining an SBA loan.
- Available to small businesses without enough collateral to obtain a traditional commercial loan
- Longer repayment terms (up to 25 years), freeing up cashflow for uses other than paying off debt
- Great interest rates
- No balloon payments
- SBA loans are assumable
Core Bank is your resource to identify your best opportunities to utilize an SBA loan for your small business, including which types you qualify for or which types are right for you. Get in touch with our team today!
Approved to offer SBA loan products under SBA’s Preferred Lender program.
The best way to apply for and obtain an SBA loan is to work with an experienced team that can guide you through the process to help you complete all required paperwork and put your best foot forward. Get in touch with our experienced team today. We’re an SBA Preferred Lender that provides the guidance small business owners need during this process.