If you own a small business, or you're trying to start a business, you know how difficult it can be to obtain the financing you need to grow and prosper. Working with the Small Business Administration (SBA), we are able to offer loans to meet your specific needs. Imagine the possibilities with a SBA loan from State Bank of Countryside!
The 504 loan program has long-term, fixed-rate financing and is used to acquire fixed assets for expansion or modernization. Use proceeds to purchase long-term machinery, existing buildings, or land; make land improvements; build new facilities or modernize, renovate or convert existing ones. NOTE: The 504 Program cannot be used for working capital or inventory.
SBA Loans feature fully amortizing notes with no balloons.
1. As a general rule, loans for business purposes and real estate acquisitions require an equity injection depending on the asset being financed.
2. Applicants for SBA loans must be citizens of the United States, or have legal permanent residence status. Also, the owners/principals of the business must be of good character. Any prior arrests or criminal charges must be disclosed.
3. The SBA charges a guaranty fee that must be paid at the time the loan is funded. However, the guaranty fee can be paid from loan proceeds.
How to Apply:
1. Gather basic information concerning your business and loan request. A list of minimum required information is provided on the tab labeled Terms of Loans.
2. Contact Raj Badri at 708-485-9981 or Rhonda Marin at 708-485-8319 to schedule an appointment to discuss your loan request.