SBA 7(a) Loan Program

The 7(a) Loan Program is SBA’s primary program for helping start-up and existing small businesses, with financing guaranteed for a variety of general business purposes.

Cornerstone Bank loan decisions are made locally. The combined expertise of the team creates a higher level of efficiency from inception to closing. There are a number of advantages to SBA loans, including longer terms, no points and no balloon payments.

 

Who is eligible for an SBA guaranteed loan?

Most for-profit small businesses including manufacturers, wholesalers, retailers and service businesses, as well as independent or franchise businesses.

 

Loan qualifications

  • Retail and service businesses with 3-year average sales not exceeding $6.5 million to $32.5 million, depending on the industry
  • Wholesale businesses with up to 100 employees,regardless of sales volume
  • Manufacturers with up to 500 employees, depending on the industry, regardless of sales volume

SBA 7(a) loan size

  • Up to $5,000,000

Loan Fees
  • Loan packaging fee up to $2500
  • SBA guaranty fee
  • Fee may be financed through loan

Use of Proceeds
  • Commercial real estate (purchases, construction or refinance)
  • Leasehold improvements (must be at least 51% owner-occupied)
  • Business Expansion
  • Machinery, equipment, furniture or fixtures
  • Business acquisitions
  • Partner/shareholder buy outs
  • Start-up (franchise, medical/professional practice)
  • Refinancing available on eligible commercial mortgage loans

Collateral
  • First security interest in all business assets
  • Personal assets (including residences) may be taken as collateral 

Terms
  • Up to 10 Years for non-real estate loans
  • Up to 25 years for real estate purchases
  • Up to 25 years for business acquisitions with real estate
  • Up to 25 years for franchise start-ups with real estate

Down Payments
  • As low as 10% for commercial real estate purchase
  • As low as 15% for business acquisitions
  • As low as 15% for business start-ups


Contact:

Cornerstone Bank Small Business Capital Group
678.553.1480
sbaloans@cornerstonebankga.com