Small Business Administration Loans
Small Businesses, Big Dreams
Whether you are just starting a business, are in need of working capital, looking to purchase commercial real estate, or expanding your operations, we have an SBA program that is right for you.
As an SBA National Preferred Lender (PLP), Globus Union can provide expedited services and faster turnaround to help your business thrive. We offer all the products and services you expect from a big bank with the high level of personal attention you expect from a local bank. With favorable loan terms such as low down payments, longer maturities, and smaller monthly payments, we will keep your financing smart and efficient.
Why Choose SBA Loans?
- Up to 90% financing for real estate vs. 65% offered by conventional programs
- Longer term = smaller payment amount = potentially easier qualification
- Up to 25-year loan term for real estate vs. 5- or 10-year terms by conventional programs
- Up to 10-year term for other loan purposes vs. 3- or 5-year terms by conventional programs
- Full amortization and no balloon payments = savings in time, paperwork, hassle, and money
You Can Use Our SBA Loans For a Number of Needs, Including
- Real estate purchases
- Debt refinancing
- Business purchases
- Equipment purchases
- Tenant improvements
- Inventory purchase
- Increase working capital
- Other eligible business needs unique to your field
We offer two major programs of SBA Loans, namely 7(a) and 504. Other programs such as EWCP, Export Express, and SBA Express are also offered. Please contact our specialists for more details.
DESCRIPTION
Provides small to medium-size businesses, established entrepreneurs, and professionals access to non-traditional sources of capital.
BORROWING LIMIT
Up to $5,000,000
TERM
Ranges from 10-25 years, depending on use of proceeds.
RATES
Variable, margin added to the Wall Street Journal Prime.
PURPOSES
Can be used for any recognized business purpose, including:
- Real estate purchase
- Equipment purchase
- Inventory purchase
- Debt refinancing
- Tenant improvement or renovation
- Business acquisition or buyout
- General working capital
ELIGIBILITY GUIDELINES
There are maximum size limitations for eligibility for a SBA loan based on your type of business. The following are general guidelines only.
| Manufacturing | Maximum of 500 to 1,500 employees |
| Wholesale | Maximum of 100 employees |
| Services | Maximum of three years’ average gross sales of $3.5 to $14.5 million |
| Retail | Maximum of three years’ average gross sales of $5 to $20 million |
HOW TO APPLY
1. Fill out a standardized application form
2. Provide financial and other documentation
Globus Union provides a simplified package for the process. Our specialists are here to help you with the analysis, packaging, and SBA submission.
DESCRIPTION
Primarily for real estate purchases.
Typical structure:
- Borrower injects 10% of the total project costs.
- The bank finances 50% of the total project costs and holds the first deed of trust.
- Certified Development Corporation (CDC) on behalf of SBA finances up to 40% of the total project and holds the second deed of trust, but not to exceed $5 million.
BORROWING LIMIT
Dependent upon the project. Please contact our specialists for more information.
TERM
Bank portion can be amortized to a maximum of 30 years with a 10 year term.
RATES
CDC/SBA portion will be fully amortized over 20 or 25 years at a long-term treasury borrowing rate and is fixed.
PURPOSES
To purchase an existing building or refinance owner-occupied CRE loan.
ELIGIBILITY GUIDELINES
- One job opportunity must be created or retained for every $50,000 of the CDC/SBA loan.
- The property must be 51% or more occupied by your business.
- There are size limitations and other eligibility requirements. Please contact us for more information.
HOW TO APPLY
1. Fill out a standardized application form
2. Provide financial and other documentation
Globus Union provides a simplified package for the process. Our specialists are here to help you with the analysis, packaging, and SBA submission.
Need Help?
Disclosure
Loan products are subject to Globus Union's application, underwriting, appraisal, and credit approval requirements. All rates, terms, guidelines, and products are subject to change or termination without prior notice. Other limitations and restrictions may apply.