Securities and Exchange Commission as an investment adviser. To learn more about SBA loan programs, visit SBA's website at Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S.
If an SBA 504 loan is the right fit for your business, Self-Help can work with you and a local SBA certified development company to finance your project. The SBA 504 loan program is a good option for low down payment, long-term financing to acquire or improve major fixed assets, such as owner-occupied real estate or machinery/equipment with a 10-year (or longer) useful life. The SBA 7(a) program is a good fit for businesses that have sufficient cash flow to repay the loan but lack sufficient collateral or operating history to obtain a loan. The proceeds of an SBA 7(a) loan may be used for a variety of business purposes, including real estate, equipment, inventory, tenant improvements and working capital. The SBA 7(a) program offers the same benefits of the SBA Community Advantage program that many other CDFIs offer, but is different in that SBA 7(a) loans typically have lower interest rates than SBA Community Advantage loans and have no technical assistance requirements. The SBA 7(a) loan program is SBA's primary loan program for expanding access to capital for small businesses.Small businesses will need to submit a Self-Help loan application and work with a Self-Help loan officer to determine whether an SBA program is a good fit. We sure do! Self-Help participates in the SBA 7A and 504 programs.Capacity: Our team will examine the capacity and experience of project owners, managers and guarantors, to make sure the project has appropriate support.If there is not enough collateral, we have programs that may help fill the gap. Collateral: Self-Help makes loans that are fully secured by collateral such as real estate.You may already have this equity, or ownership, in your property, or we may require a new cash investment. Capital: If you are looking for financing, we want to make sure you have equity in the project too.We typically require projects to maintain a certain debt service coverage ration, which means your business needs to cover our debt service payments each year with some amount of revenue left over. Cash Flow: Our team needs confidence that your business earns enough revenue to support the debt payments you take on.We aim to finance projects that help families and communities thrive.
Mission: Our lending supports our mission to create and protect economic opportunity, especially in underserved communities.We analyze projects by looking at several factors: To finance your project, our team will want to know that your business or nonprofit can handle the debt you're taking on. Responsible lending is part of our mission. * Need a loan for less than $15,000? Contact your local branch. Step One:Ĭheck out the sector page for the sector that best matches your project (linked below) to learn more about eligibility and loan terms.Ĭomplete our pre-application form and we will be in touch with you to discuss the specifics of your project. We lend to businesses and nonprofits in a variety of industries, and specialize in sectors like child care loans, food system loans and more.
We offer loans from $15,000 and up,* with no maximum size.
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