There's a SBA loan for you
By Andrea Korogi
Director of Small Business Development
The U.S. Small Business Administration (SBA) reports demand for SBA-backed loans is at a record pace in 2005. Tyler Sporrer, fast track loan officer for First National Bank in our area, says there are many options for businesses seeking financing. The U.S. SBA and banks have developed loans to tailor the needs of start-up and existing businesses. Here's a breakdown of some of the most popular loans today:
SBA Low Doc, Available for start-up businesses and established business for loans of $150,000 or less. SBA Guaranty up to 85 percent. Requires a solid business plan and financial statements/projections to mitigate lack of business history. Two percent SBA Guaranty Fee.
Credit Scored Products (financial statements not required, loans from $25,000 to $100,000, Minimum two years of business existence):
Fast Track Direct, No SBA guarantee. Small bank processing fee. FICO Score of 720 required to qualify.
SBA Express, Fifty percent SBA guarantee. Two percent SBA Guaranty fee. FICO Score of 680 required to qualify.
SBA Community Express, In order to qualify, must be a veteran, woman-owned business, minority or be located in a low to moderate income area. FICO Score of 640 required to qualify.
For more information on loans or workshops, please contact Andrea Korogi at (760) 931-8400.
By Andrea Korogi
Director of Small Business Development
The U.S. Small Business Administration (SBA) reports demand for SBA-backed loans is at a record pace in 2005. Tyler Sporrer, fast track loan officer for First National Bank in our area, says there are many options for businesses seeking financing. The U.S. SBA and banks have developed loans to tailor the needs of start-up and existing businesses. Here's a breakdown of some of the most popular loans today:
SBA Low Doc, Available for start-up businesses and established business for loans of $150,000 or less. SBA Guaranty up to 85 percent. Requires a solid business plan and financial statements/projections to mitigate lack of business history. Two percent SBA Guaranty Fee.
Credit Scored Products (financial statements not required, loans from $25,000 to $100,000, Minimum two years of business existence):
Fast Track Direct, No SBA guarantee. Small bank processing fee. FICO Score of 720 required to qualify.
SBA Express, Fifty percent SBA guarantee. Two percent SBA Guaranty fee. FICO Score of 680 required to qualify.
SBA Community Express, In order to qualify, must be a veteran, woman-owned business, minority or be located in a low to moderate income area. FICO Score of 640 required to qualify.
For more information on loans or workshops, please contact Andrea Korogi at (760) 931-8400.