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Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, reports its first quarter 2023 earnings.
The SBA 7(a) loan program can be used for leasehold improvements; new business acquisitions; real estate, expansions or start-ups; equipment or inventory; working capital; or refinancing existing debt. There are other scenarios and uses that would also qualify for an SBA 7(a) loan.
Borrow Amount: Up to $5 Million
Broad eligibility – Most small businesses incorporated for profit within the United States are eligible.
SBA guarantee program – With the 7a program the SBA offers either an 85% or 75% guarantee, giving customers access to capital, that they might not otherwise be able to obtain.
More flexible – Often with longer fully amortizing repayment terms and lower down payments than conventional bank loans.
No prepayment fees – For loans with repayment terms less than 15 years.
For owner occupied commercial real estate and equipment, the SBA 504 loan program features long term fixed rates and a lower down payment than conventional loans.
Borrow Amount: Up to $15 Million
Low down payments – as little as 10% of the total project cost
Longer repayment terms – up to 25 years depending on use of funds
Competitive rates – The borrower is also able to fix the rate for a longer term. Rates are generally below conventional options.