Tuesday, July 12, 2011

Bank of America's Small Business Administration (SBA) financing programs


Small Business Administration Financing

  1. Lower payments and longer terms than other loans
  2. Qualify when you can't secure other credit
  3. All qualified applicants automatically considered

The Small Business Administration (SBA) has created a program of government-guaranteed loans designed to help give small businesses that may not otherwise qualify for credit get the funds they need. SBA loans make it possible to qualify businesses more easily and provide them with more flexible terms than conventional loan options, letting you preserve working capital for other expenses. Qualifying for an SBA loan is easier than qualifying for other loans. First, the SBA allows higher loan-to-value ratios. Depending on your loan request, you may be able to borrow up to 100% of your financing needs. Secondly, we can potentially offer longer finance terms with different payment options. This may be especially advantageous if your business is growing rapidly.
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, or supply working capital for ongoing financing needs.

Who it's for

SBA loans are for businesses that are:

  • Owner-operated
  • For profit
  • Organized as a sole proprietorship, corporation, or professional partnership
  • Within the size guidelines designated by the SBA
  • Unable to secure other credit under reasonable terms

Patriot Express SBA loans are available to applicants who qualify for SBA, own more than 51% of the business and are either:

  • Veterans
  • Active Duty Military
  • Reservist or National Guard
  • Spouse of the above

Every qualified applicant for all business financing products will automatically be considered for our standard SBA loan, SBA Express or Patriot Express when applicable.

SBA Express/Patriot Express features

  • Available for amounts up to $350,000
  • Available as a line of credit or term loan
  • Designed to provide easy access to working capital and fund equipment purchases
  • Loans in excess of $100,000 secured by business or personal assets
  • Fixed or variable rates not exceeding 6.50% over prime rate (New York Prime rate)
  • Maximum term of 7 years
  • Fully and partially amortizing payment options
  • Small Business Administration fee does apply to all loans

For questions about an existing account, call:
Mon-Fri 7 am – 7 pm ET
Sat 7 am – 4 pm ET

Send your general inquiries to:
Bank of America Small Business Direct Sales
P.O. Box 25118
Tampa, FL 33622-5118


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