Approved to offer SBA loan products under SBA's Preferred Lender programs.
What Can an SBA 7(a) Provide for My Small Business?
The SBA 7(a) Loan Program is the SBA's most common loan program which means that it provides many solutions for small businesses. Typical uses include:
- Purchase new furniture, machinery, or equipment
- Inventory purchases
- Working capital lines of credit
- Refinancing of existing business debt
- Acquiring a company
What Does it Mean to be an SBA Preferred Lender?
We can't say it any better than the Small Business Administration itself.
The Preferred Lenders Program (PLP) is part of SBA's effort to streamline the procedures necessary to provide financial assistance to the small business community. Under this program, SBA delegates the final credit decision and most servicing and liquidation authority and responsibility to carefully selected PLP lenders. SBA, however, will continue to check loan eligibility criteria.
Lenders are considered for PLP status based on their record with SBA, and must have demonstrated a proficiency in processing and servicing SBA-guaranteed loans. In the event of payment default by the borrower and the need for enforced collections, the PLP lender agrees to liquidate all business assets before asking SBA to honor its guaranty.
Can I Use an SBA 7(a) Loan for Construction Purposes?
We also offer SBA 504 loans which are more appropriate for construction financing purposes. Visit our SBA 504 page or talk to a lender today to learn more.
I Still Have Questions.
Great! That's what we're here for - to help your business grow and become even more successful. We're happy to discuss if an SBA 7(a) loan is a good fit for your business or if you should go in another direction. Contact a loan officer today at
complete a quick form and we'll contact you when it's convenient.