Small Business Administration Loans | Lead Bank




SBA Loans

Lead Bank provides long-term, permanent financing to small businesses through the Small Business Administration (SBA) guaranteed loan programs. SBA loans carry lower interest rates with terms up to 25 years, so they are great for small businesses.

To be considered eligible for an SBA loan, your small business must meet the SBA’s basic eligibility requirements.
The requirements are the following:
- Being a small business located in the United States with a demonstrated need for the loan.
- Operating in an eligible industry
- Operating on a for-profit basis
- Owned by U.S. citizens.

You cannot receive funding by other means. A higher credit score will increase your chances of getting your application approved; you will likely need a credit score of 640 or above.

Lead Bank offers several types of SBA loans: SBA 7(a) loans up to $5 million, SBA 504 loans up to $10 million as well as SBA Express loans.

 

SBA Loans from Lead Bank Overview


SBA 7(a) Loans SBA 504 Loans SBA Express Loans 
Designed For  Startup and established businesses More established businesses Startups with 2 years experience and smaller established businesses
Loan Purpose  Working capital, equipment purchases, refinance debt, buy a business or franchise, purchase commercial real estate, leasehold improvements Owner-occupied commercial real estate purchase, construction, or renovation Working capital, equipment purchases, refinance debt, buy a business or franchise, purchase commercial real estate, leasehold improvements
Loan Amounts  $350,000 - $5 million $125,000 - $20 million  Up to $350,000
Repayment Terms Up to 10 years for working capital and up to 25 years for commercial real estate loans  10 - 20 years Up to 7 years for a line of credit, 10 years for inventory or working capital, 10 years or useful life for equipment and machinery; 25 years for real estate
Minimum Requirements  640 credit score. Some collateral (if loan for more than $25,000) 640 credit score. Meet job creation or public policy goals. Real-estate must be at least 51% owner-occupied  640 credit score
Prepayment Penalty  Yes Yes Yes - For loans with maturities of 15 or more years, but only if the loan is prepaid in the first three years. 
Timeframe (from application to funding)   45 - 90 days  30 - 45 days  36 hours



SBA 7(a) Loans

If you are looking for affordable working capital solutions, this loan is for you. This type of loan can be used for almost any business purpose. They typically have long repayment terms and low interest rates.

SBA 504 Loans

The SBA 504 Loan program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization. This is probably the loan for you if you own or occupy real estate.

 

SBA Express Loans

This is the express version of the SBA's popular 7(a) loan program. This program promises a credit decision from the SBA within 36 hours in exchange for lower loan amounts and slightly higher interest rates. This is the loan for you if you need speed and flexibility.

 



How can we best help you today?

Chat online now.

Have a question, idea, or suggestion? Talk to us.

START A CONVERSATION

Stop by.

Talk to a Banker or grab a coffee at our branches.

VISIT US

Have a question?

Contact us and we'll get back to you soon!

CONTACT US