SBA Loan Application Checklist and Forms
Welcome and thank you for considering Georgia Primary Bank for your small business lending needs. We pride ourselves on being able to quickly and efficiently help you explore your options in obtaining a Government Guaranteed loan, whether it be SBA 7(a), Express, 504 or USDA. SBA loans are beneficial to business because they:
- Typically offer a lower equity requirement,
- Provide longer repayment term,
- Lower monthly payments and
- Often times can secure a lower interest rate.
No matter what you’re looking to do, our Government Guaranteed Lending (GGL) team has the proven expertise to help entrepreneurs such as yourself start, grow and expand your business with the help of the SBA or USDA loan programs. We view your client relationship as a business partner and look for you to see us as the same as you plan for the future of your business. We help entrepreneurs accomplish their goals of:
- Purchasing a business
- Starting a business
- Purchasing Real Estate
- Purchasing Equipment
- Refinance existing business debt
- Expanding to new locations
- And more!
|Program||Maximum Loan Amount||Term||Use of Proceeds|
|SBA 7(a)||Up to $5 million||Depends on ability to repay. Generally, working capital & machinery & equipment (not to exceed life of equipment) is 5-10 years; real estate is 25 years.||Term Loan.
Expansion/renovation; new construction, purchase land or buildings; purchase equipment, fixtures, lease-hold improvements; working capital; refinance debt for compelling reasons; seasonal line of credit, inventory or starting a business
|SBA Express||Up to $350,000||Up to 7 years for Revolving Lines of Credit including term out period. Otherwise, same as 7(a).||May be used for revolving lines of credit (up to 7 years maturity) or for a term loan [same as 7(a)].|
|SBA 504 –
Provided through Certified Development Companies (CDCs) which are licensed by SBA
|504 CDC maximum amount ranges from $5 million to $5.5 million, depending on type of business or project.||CDC Loan:
10- or 25-year fixed interest rate.
|Long-term, fixed-asset loans; Lender (non-guaranteed) financing secured by first lien on project assets. CDC loan provided from SBA 100% guaranteed debenture sold to investors at fixed rate secured by 2nd lien.|
Rural areas outside of a city or town with a population of fewer than 50,000 people.
|Up to $25 million||Maximum term on real estate is 30 years. Maximum term on machinery and equipment is for its useful life or 15 years, whichever is less. Maximum term on working capital is not to exceed 7 years.||Business conversion, enlargement, repair, modernization or development. The purchase and development of land, easements, right-of-way, buildings or facilities. The purchase of equipment, leasehold improvements, machinery, supplies or inventory.|
As you review this information and consider your business lending options, please feel free to reach out if you have any questions or concerns. Every business is as unique as their owner(s) and no matter what you’re trying to accomplish, we look forward to working with you to help you achieve your goals for your business.
Contact us at: 404-231-4100