Begin by scheduling an appointment with our Business Services team. SBA loans can be complex and require thorough attention. With our team of SBA professionals, you can concentrate on what truly counts – running a successful business – while we handle the heavy lifting in preparing your application.

The SBA 7(a) program serves a wide range of purposes, including:

• Providing support for short and long-term working capital
• Refinancing business debt
• Acquiring assets
• Funding construction or renovations
• Establishing a new business
• Assisting in the acquisition, operation or expansion of an existing business.

The SBA 504 program is primarily intended for financing real estate and equipment, rather than covering day-to-day operational expenses. Common purposes for these funds include:

• Acquiring new buildings, land, facilities, or long-term machinery
• Upgrading and modernizing business facilities

Obtaining an SBA loan typically takes anywhere from 30 to 90 days, and sometimes even longer. While our Business Services team expedites the application process, it's essential to understand that the approval timeline is primarily determined by the Small Business Administration. SBA loans are valued for their favorable terms, such as low down payments and rates, but they are not known for their rapid processing speed.

Yes, you can access up to $5 million through the SBA 7(a) program and up to $5.5 million through the SBA 504 program. Eligibility is determined based on factors like industry, credit history, and location.

Preparing your documents ahead of time can streamline the SBA loan application process, making it easier and more efficient for securing your loan:

• Business Plan: Presenting clear facts, figures, and financial projections about your organization offers a concise overview of your business model, reducing the time needed to secure financing
• Personal and Business Financial Statements: Including assets, cash flow, net worth, and balance sheets.
• Income Tax Returns: Typically, the past three years' personal and business income tax reports.
• Legal Documents: Business licenses, permits, articles of incorporation, and any relevant agreements (e.g., operating, lease, partnership) are are needed to support your application.
• Collateral Documents: Paperwork showing an accurate representation of the asset and its market value.

Not all businesses are eligible for SBA financing. Common reasons for SBA loan rejection include:

• Poor Credit History: The SBA uses the FICO Small Business Scoring Service (SBSS) with a minimum score requirement for 7(a) loans.
• Lack of Collateral: Collateral provides security to the lender.
• Lack of Profitability: Profitability is essential for loan repayment.
• Ineligible Business Type: Some organizations, like religious institutions and nonprofits, are ineligible.
• Excessive Debt: High debt levels may lead to rejection.

Schedule a consultation with our experienced team. SBA loan eligibility varies by industry, as determined by the Small Business Administration. During our review process, our Business Services team will assess your financials, asset size, credit history, and other factors to determine your qualification for an SBA loan.

The resource listed below are valuable for entrepreneurs and small business owners seeking guidance and support on SBA loan information:

• United States Small Business Administration
• Lehigh University Small Business Development Center
• Kutztown University Small Business Development Center
• Rising Tide Community Loan Fund