What are the pros of an SBA loan?
An SBA loan can help borrowers get access to financing they might not otherwise have. Conventional lenders usually want to see 3 consecutive years of strong cash flow, and in the present lending environment, they may only lend up to 60% of total project costs. Because the SBA is alleviating some of the risk, we have more flexibility in evaluating your loan.
COVID presented a significant challenge to most business owners, directly impacting their bottom line. With an SBA loan, we have the flexibility to take that impact into consideration, provided that we see a healthy rebound in 2022 numbers. And we can often do so with lower down payments from the borrower. Depending on the loan product and the use of the proceeds, we can finance at an 80-90% loan to value.
An SBA loan also allows us to put you into a business loan with generous terms and no balloon payment. Business acquisition loans can be financed over 10 years, equipment loans can be financed up to 15 years and commercial real estate over 25 years.
Interested in an SBA loan?
Our team of experienced lenders is available to talk to you today. Reach out to us to find out how we can help.
Ready to start the process?
Fill out our online form to see if you qualify for a Bank of Edison SBA loan.
The Bank of Edison does not lend in the following states – Arizona, California, Hawaii, Nevada, North Dakota, South Dakota or Vermont