SBA Loans
SBA 7(a) Loan Program Overview
CIT Bank – Small Business Lending has been designated as a Preferred Lender by the SBA. This enables us to process loans more quickly and efficiently than many other SBA lenders. 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.
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
- The maximum tangible net worth of the applicant can not be more than $15,000,000
- The average net income after federal income tax for two full fiscal years before the date of the application can not be more than $5,000,000
SBA 7(a) Loan Size
- Loans from $350,000 to $5,000,000
Loan Fees
- SBA guaranty fee
Use of proceeds
- Commercial real estate (purchases, construction or refinance)
- Leasehold improvements
- Business expansion
- Machinery, equipment, furniture or fixtures
- Business acquisitions
- Partner/shareholder buyout
- Start-up (franchise, medical/professional practice)
- Refinancing available on eligible commercial mortgage loans
Collateral
- First security interest in all business assets
- First lien on business real estate
- Personal assets (including residences) may be taken as collateral
Terms
- 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
- Up to 10 years without 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
504 Loan Program Overview
CIT Bank – Small Business Lending partners with Certified Development Companies (CDC) to offer SBA 504 loans. These loans provide long-term fixed and variable rate financing to small business, requiring “brick and mortar” financing for expansion or modernization.
Who is eligible for an SBA 504 loan?
Most for-profit small businesses, including manufacturers, wholesalers, retailers and service businesses, as well as independent or franchise businesses.
Use of Proceeds
- Purchase, construction or renovation of owner-occupied commercial real estate
- Business acquisition with real estate
- Franchise acquisition with real estate
- Equipment purchase and working capital in conjunction with above
- Refinancing available on eligible commercial mortgage loans
Program Highlights
- Larger projects – up to $5,000,000
- Longer loan terms – 20 to 25 years
- Up to 90% financing
- Fully amortizing – no balloons