SBA Loans
As an SBA Preferred Lender, American Bank has been delegated approval authority by the U.S. Small Business Administration (SBA) to help small businesses get financial assistance and access to SBA loan programs.
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SBA 7(a) guaranteed loans can offer lower down payments and longer repayment periods (up to 25 years) than a typical business term loan.
SBA 504 loans provide long-term, fixed rate financing for major fixed assets that promote business growth and job creation.
Many small to mid-sized businesses meet the SBA eligibility standards. Is yours one of them?
Lower cash flow requirements to cover payments and the ability to conserve cash for operating expenses.
Success grows from small business loans.
Different SBA loan programs have unique requirements and structures, depending on the purpose of the loan and the borrower’s need and ability to repay. American Bank is an active participant in the SBA’s two largest loan programs – the SBA 7(a) program and the 504 programs. SBA loans provide businesses with access to capital that might not otherwise be available, with more flexible underwriting than conventional business loans.
The 7(a) Loan Program, SBA’s most common loan program, provides small businesses with loans up to $5 million. Basic uses for the 7(a) loan include:
- Long- and short-term working capital
- Revolving funds based on the value of existing inventory and receivables
- The purchase of equipment, machinery, furniture, fixtures, supplies, or materials
- The purchase of real estate, including land and buildings
- The construction of a new building or renovation of an existing building
- Establishing a new business or assisting in the acquisition, operation or expansion of an existing business
- Refinancing existing business debt, under certain conditions
504 loans are available through Certified Development Companies (CDCs), SBA's community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.
The maximum amount of a 504 loan is $5 million, and it can be used for a range of assets that promote business growth and job creation. These include the purchase or construction of:
- Existing buildings or land
- New facilities
- Long-term machinery and equipment
- The improvement or modernization of land, streets, utilities, parking lots and landscaping
Financial Information Checklist
Ready to apply? We’ll be by your side through every step of the process, but first, we need a little information about your venture, including:
A detailed business plan that provides an overview of your business. Examples of information provided might include:
- What is your market? Your products or service?
- What is your strategic plan to develop your market?
- How is your company organized? Who are your owners and management and what is their experience?
- What is your marketing and sales plan?
- What are your company’s projected sales, profits, and cash flow?
- What financing requirement will your company have over the near and intermediate term?
- Last three years' financial statements for the company (balance sheet, income statement, reconciliation of net worth, and cash flow).
- Most current interim financial information for the business.
- A personal financial statement and the last three years' tax returns for each individual owner.
You don’t need to pull together the following documents for our initial meeting. But having them handy will help ensure you receive a timely, accurate response, and speed things along:
- While tax returns for each owner are required, it is also recommended to have the last three years’ tax returns for the business.
- Legal documents (i.e., Articles of Incorporation, Certificate of Incorporation, Assumed Name Certificate, Partnership Agreements, Employer Identification Number).
- Additional information may be required based on the specifics of your loan request.
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Our experienced SBA bankers are always available to discuss your plans and develop a customized solution based on the unique aspects of your situation. We are committed to your success and are here to act as your trusted business advisor.
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