Small Business Administration Loans

BankAnnapolis, in conjunction with the Small Business Administration, provides a key source of financing through the following loans:

7(A) Loan Guaranty Program

Do you need to expand or renovate your facilities, purchase machinery or equipment, fixtures, and leasehold improvement; finance receivables and augment working capital; refinance existing debt; construct commercial buildings; and/or purchase land or buildings? If so, then a 7(A) Loan will meet your needs. The eligibility requirements and credit criteria of the program are very broad in order to accommodate a wide range of financing needs.

SBA 504 Loan Program

The 504 Loan Program promotes small business growth and helps communities through business expansion and job creation. The loan program provides long-term, fixed-rate, subordinate mortgage financing for acquisition and/or renovation of capital assets including land, buildings, and equipment. Virtually all types of for-profit small businesses are eligible for this program.  The SBA 504 Loan varies from other loans in the following ways:

• Lower down payment is required.
• Loans have fixed-interest rate.
• Rate is usually below market rate.
• All project costs can be financed.
• Collateral is typically assets financed.

Small Business Investment Company Program (SBIC)

The Small Business Investment Company Program fills the gap between venture capital funds and the needs of a business that is either starting or growing. SBICs are privately owned and managed investment firms that make funding available to small businesses through investments or loans. They utilize their own funds in order to share in the success of a business. This program provides funding to all types of manufacturing and service industries.

SBA:
http://www.sba.gov

AAEDC:
http://www.aaedc.org