SBA 7(a) Lending from a Preferred SBA Lender.
As a preferred SBA lender, First Federal Bank understands it’s critical for business owners to have access to money to acquire new equipment, purchase real estate, finance growth and improve cash flow. The recent CARES Act included new exciting provisions for the SBA 7(a) Loan Program.
The SBA will pay the first 3 months of your new loan payments.
For all loans closed and funded prior to September 1, 2021.
Fixed rates as low as 4.99% for up to 25 years.
Fixed rates of 4.99%, subject to LTV (loan to value) of 85% or less, guarantor personal credit score of 700 or higher and business debt service of 1.40 or higher, as well as all applicable SBA requirements.*
Save money with no SBA related loan fees.
Additionally, all SBA loan guarantees have been increased to 90%.
What is an SBA 7(a) Loan?
SBA 7(a) loans are government loans, offered through preferred lenders, designed to help small businesses with loan amounts up to $5 million. They can be used for a variety of business needs:
Expansions and Modernizations
Purchasing Real Estate
Purchasing New Equipment
Refinancing Existing Debt
Rob Hughes talks about updates to the SBA 7(a) program.
*Fixed rates of 4.99%, subject to LTV(loan to value) of 85% or less, guarantor personal credit score of 700 or higher and business debt service of 1.40 or higher, as well as all applicable SBA requirements. An operating deposit account with FFB and escrow of property taxes and insurance will be required. Prepayment penalties will apply. Loans may be approved outside of these parameters at higher rates. Minimum loan size of $250,000. Maximum loan size of $5 million. SBA will pay the first 3 months of payments if closed and funded by September 1, 2021.