Funding the dream

BUSINESS SBA LOANS

DON’T YOU DESERVE AN SBA LENDER THAT WILL HELP YOUR SMALL BUSINESS BECOME BIG BUSINESS?

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The Citizens Bank SBA Manager Walter Dyminski is ready to meet your small business lending needs. Contact Walter at wdyminski@tcbphila.com or 601.462.5130 to get the financing you need to move your small business ahead.

The Citizens Bank is proud to be approved to offer SBA loan products. We specialize in providing long-term, permanent financing to small businesses as well as offering a variety of SBA programs. Since our business loans are made through SBA loan programs we are able to provide you with an efficient way to process your business loan applications.

 

SBA 7(a) LOAN PROGRAM

You have a growing business or want to start a new business. Now you need the financial backing to make it happen. The SBA 7(a) Loan Program is the SBA’s most common program and may be the right small business loan for your business.

Use of Proceeds:

  • Working Capital Loans
  • Machinery & Equipment Loans
  • Inventory Loans
  • Business Acquisition Loans
  • Agricultural Loans
  • Commercial Building Loans

Terms:

  • Up to 25 years for owner occupied real estate
  • Up to 10 years for equipment or business acquisition
  • Up to 10 years for permanent working capital
  • All loans are fully amortizing

Interest Rates and Fees:

  • Interest rates are market competitive – floating rate or fixed rate. Fees are generally limited to the SBA guaranty fee and customary closing costs.

Loan Amounts:

  • Loan amounts up to $5,000,000

Eligible Businesses and Property Types:

Most types of for-profit businesses are eligible. Commercial real estate must be partially occupied by the borrower and includes, but is not limited to, the following types of properties.

  • Office Buildings
  • Warehouses
  • Industrial Buildings
  • Manufacturing
  • Child Care Facilities
  • Car Wash
  • Automotive Repair Shop
  • Professional Buildings
  • Hotels
  • Gas Stations
  • Restaurants

 

504 LOAN PROGRAM

504 Loan Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.

Eligible Businesses and Property Types:

Almost any type of for-profit business is eligible. Commercial real-estate must be partially occupied by borrower and includes, but is not limited to, the following types of properties:

  • Commercial Real Estate (multi use and single use properties)
  • Gas Stations (franchise only)
  • Franchise Restaurants
  • Auto Repair / Maintenance Facilities
  • Limited Service Hotels (franchise only)
  • Assisted Living Facilities
  • Medical / Dental / Veterinary Offices

Terms:

  • Financing available on projects up to $14,000,000.
  • The Citizens Bank provides a first mortgage of up to 50% of the total loan-to-value.
  • This loan can range from $250,000 to $7,000,000.
  • The SBA, through a Certified Development Company (CDC) provides up to 40% loan-to-value in a second lien position. This loan can range from $250,000 to $5,000,000.

Interest Rates:

  • First Mortgage – up to 25-year term for real estate loan and up to 15-year term for equipment purchase with fixed and variable interest rates available.
  • Second Mortgage – up to 20-year term for real estate and up to 15-year term for equipment purchase. Fixed rate is determined at SBA guaranteed 504 debenture sale.

Fees:

  • First Mortgage – fees are always market competitive.
  • Second Mortgage – 2.75% + legal review fee. This fee is financed in the loan.
  • Fees also include customary closing costs, construction loan fees (if applicable), and bridge fees.

Eligible Properties:

  • Most for-profit businesses are eligible for financing. Commercial real estate must be 51% or greater owner occupied.

 

Whether you need financing to start a new business or assist in the acquisition, operation or expansion of an existing business, we make it surprisingly easy. Contact us today.

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Approved to offer SBA loan products under SBA programs.

 

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