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Small Business Loan Programs

By | 02.03.12

Small Business Loan Programs

The Small Business Authority has recently highlighted 3 loan programs in a recent Forbes edition. These 3 loan programs, available to small business owners, include the Flexible Term Lending Program, the Fixed/Floating Rate Program and the Conventional Real Estate Loan Program.

The Flexible Term Lending Program, available for small business owners in multiple industries including retail, wholesale and manufacturing, offers loans from $50,000 to $5 million with 7 to 25 year terms. Loan terms will depend on the purpose of the loan (e.g. working capital, business acquisitions or for machinery/equipment purposes). This type of small business loan includes a floating interest rate up to 2.75 percent and no balloon payments.

The Fixed/Floating Rate Program offers various loan amounts which are determined based on the use of the proceeds. This loan program also uses no balloon payment structures. Interest rates are calculated and fixed according to market rates. Loan qualifications include a 10 percent equity contribution, and if any owners own more than 20 percent of the business a personal guarantee will be needed.

For both the Flexible Term Lending Program and the Fixed/Floating Rate Program all qualifying small businesses must be for-profit, owned by a U.S. citizen or resident alien and the business must be located in the United States. Some small businesses may not be eligible for the loans due to specific business involvements (e.g. investment real estate, religion or politics).

The Conventional Real Estate Loan Program is designed to provide finance for commercial real estate businesses. The loan may be awarded to businesses that are purchasing, renovating or expanding commercial real estate, and the loan may be used to refinance existing commercial real estate loans. Loan terms will depend on whether or not the property is an investor property or an owner occupied property.

The loans, which are available through the Small Business Authority, may provide much needed assistance for small business owners struggling to obtain capital in an atmosphere of tightened credit during a downturned economy.

References

Small Business Authority. “3 Important Loan Programs for Small Business Owners.” Forbes. 2/3/2012. http://www.forbes.com/sites/thesba/2012/02/03/3-important-loan-programs-for-small-business-owners/

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