The 7(a) program is SBA's best known and most widely used loan program. It can be utilized by existing businesses as well as start-ups to cover a number of business purchases and needs, from working capital to debt refinancing, and much more.
We offer financing with longer maturities, more competitive interest rates, and higher loan to collateral ratios. With our knowledge, speed and commitment to SBA lending, State Bank of Countryside should be your first choice for small business loans.
Use of Loan Proceeds:
1. Purchase business real estate (land and buildings)
2. Construction / renovation of buildings
3. Purchase machinery and equipment
4. Working capital - includes purchase of inventory and financing receivables
5. Purchase an existing business, or start up a new business
6. Debt refinancing (certain restrictions apply)
Click here for more information on Small Business Loan 504
Click here for a Small Business Loan Application
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 Raj.Badri@banksbc.com to schedule an appointment to discuss your loan request.