Helping Small Businesses Grow
Small business is the lifeblood of a community. That is why Community Bank & Trust is committed to the growth and prosperity of small businesses and are determined to help our clients achieve and build on their success.
SBA loans can be used to:
- Purchase machinery and equipment
- Purchase, construct, expand or improve a building
- Acquire inventory
- Provide working capital
- Purchase an existing business or open a new business
- Refinance existing business debt on more favorable terms
Key benefits:
- Longer term and amortization
- Improved cash flow through a lower monthly payment
- Larger loan amount than may otherwise be available
- Lower down payment may be possible
- No balloon payments
SBA Loan Program Comparison
| Details | Standard 7(a) Loan | SBA Express Loan |
| Loan Amount | Loans up to $5,000,000 | Loans up to $500,000 |
| Maximum Term/Amortization | 10 Years for: Equipment, Business, Acquisitions, Working Capital, Inventory and Leaseholds 25 Years for Real Estate | 10 Years for: Equipment, Business, Acquisitions, Working Capital, Inventory and Leaseholds; 25 Years for Real Estate; 7 Years for a Revolving Line of Credit with Annual Review |
| Eligible Use of Proceeds | Working Capital, Inventory,Business Purchase, Equipment Financing, Real Estate Financing, Debt Refinancing, Leasehold Improvements | Working Capital, Inventory, Business Purchase, Equipment Financing, Real Estate Financing, Debt Refinancing, Leasehold Improvements, Revolving Line of Credit |
| Rate Structure | Floating rate (Quarterly) | Floating rate (Quarterly) |
| Collateral | 1st Lien on assets to be financed required. SBA may require additional collateral on other business or personal assets | 1st Lien on assets to be financed required. SBA may require additional collateral on other business assets or personal assets |
| Guaranty Fee Paid to SBA | Varies based on loan amount. Contact lender for details. | Varies based on loan amount. Contact lender for details. |
Am I eligible for an SBA loan?
There are certain criteria that must be met in order to qualify for an SBA loan. The business must:
- Operate for profit
- Be located in the United States
- Meet credit qualifications
- 51% owned by citizen or legal permanent resident (LPR)
What information do I need to apply for an SBA loan?
Once you've decided to apply for an SBA loan, you will need certain information to apply. A Community Bank & Trust SBA specialist will help walk you through this process. Prior to meeting with us, refer to the following documents to prepare and gather the necessary information:
- 5 Steps to Close Your SBA Loan
- SBA Application Checklist
- SBA Pre-Approval Underwriting Checklist
- Schedule of Business Debt
- SBA Pre-Close Checklist
What will my banker ask me?
The following information is what you need to know before coming in to see a Community Bank & Trust lender.
- Why are you applying for this loan?
- How will the loan proceeds be used?
- What assets need to be purchased, and who are your suppliers?
- What other business debt do you have, and who are your creditors?
- Who are the members of your management team?