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SOURCE:
From Lending Institutions.. SBA Guaranteed
ELIGIBILITY:
For-Profit Businesses (Some Exceptions)
RATE:
Less Than 7 Years = 2.25%max + NY Prime Rate More than 7 Years = 2.75 max +
NY Prime Rate Under $50,000 Loan, Lender May Charge an Extra Point
COLLATERAL:
Personal Guarantee by Owners. Lien on Business or PersonalAssets
if needed.
AMOUNT:
SBA Guarantee = 85%-90% up to $500,000 Usual Minimum is $50,000
FEES:
2% of Guaranteed Portion
OTHER:
SBA Usually Requires owner to inject 1/3 to 1/2 Cash and/or Assets if a New
Business
OTHER:
Pamphlet "Business Loans From the SBA". Attend SCORE Seminars.
See your SBA Authorized Banker for Specific Requirements
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SCORE is a Resource Partner with the U.S. Small Business Administration.