Small Business Administration (SBA) Loans
SBA Loans are loans where the SBA guarantees a portion of each loan.
Features of SBA Loans include:
Eligibility-A wide array of owner-operated and managed-for-profit businesses from retail to wholesale, and manufacturing to service, are eligible for loans. Proprietorships, partnerships and corporations are eligible.
SBA Guarantee – The SBA guarantees up to 85 percent for loans less than $150,000 and up to 75 percent for loans up to $1,000,000. Although there is no maximum loan amount, the amount of the SBA’s guarantee to First Fidelity cannot, by law, exceed $1,000,000.
Types of SBA Loans available:
SBA 7(a) Loan
SBA 504 Loan