We’re business builders. Many business owners find that a Small Business Administration (SBA) loan is a great option when it comes to growing their business and Village Bank is committed to providing area businesses with a one stop lender for the SBA loan guaranty programs. We know SBA lending and have helped a multitude of Central Virginia/Peninsula businesses take advantage of the various SBA programs.
Whether it’s the 7(a) Regular Loan, Express Loan or the 504 Loan program, SBA financing offers attractive options and terms.
Features
- Lower equity requirements – Keeps liquidity in your business.
- Longer loan amortization – Provides lower monthly payments.
- Goodwill can be financed – Perfect for partner buyouts or business acquisitions.
- Newer companies may be eligible – Provides needed capital for growth.
- Loan approval is not collateral dependent – Requests with insufficient collateral can be considered.
SBA 7(a) Program
- Loan Amounts – Up to $5,000,000.
- Pricing – Both fixed and variable rates available.
- Amortization – Offers extended terms depending on loan purpose and collateral type.
- No balloon payments.
SBA 7(a) Express Loans
- Loan Amounts – Up to $500,000.
- Pricing – Variable rates up to Prime + 4.50%.
- Amortization – Offers extended terms depending on loan purpose and collateral type.
- Lower closing costs.
- No balloon payments.
SBA 504 Program
Designed for commercial, owner occupied real estate as well as equipment/machinery.
- Loan Amounts – Up to $5,000,000.
- Suitable for existing buildings and new construction.
- Pricing – Fixed for longer loan terms.
- Amortization – Up to 25 years.
- Equity requirements – As little as 10%.
- Most closing costs can be financed.
SBA Eligibility Requirements
In order to be eligible for a SBA 7(a) or 504 programs, the small business applicant must meet the following criteria:
- Be an operating business.
- Be an organized for-profit business.
- Be located in the United States.
- Demonstrate a need for the desired credit.
Village Bank is a proud to be a SBA Preferred Lender Partner.
Interested in learning more about SBA lending? Contact Tom Kelley at 804.419.1236.
SBA Payroll Protection Program (PPP)
