For many years small businesses have relied on Small Business Administration (SBA) loans to help them meet their financial goals. There are specific requirements that companies must meet in order to qualify for a small business loan, so it's important to work with a company like Cloud9CapitalCorp that has the experience to guide you in the right direction.
We have been designated as a Preferred Financial Services company, which means the SBA allows our lenders to approve the loans, cutting a significant amount of time and hassle from the process and getting you the money you need in a fast and efficient way.
Financing for Commercial, Industrial, and Real Estate
If you are looking for financing to purchase, renovate, refinance, build, or lease owner-occupied properties, we can help you get a loan for buildings such as:
- Single-purpose buildings
- Dining establishments
- Repair facilities
- Automobile dealerships
- Hospitality facilities, such as motels or hotels
- Medical facilities
- Veterinary buildings
- Non-conforming properties
Acquiring Existing Businesses
An SBA loan can also be used to acquire existing businesses, with several benefits that include:
- Loans for amounts as high as $1.25 million per year
- Flexible financing terms as long as 15 years
- Financing for as much as 80% of the project
- Primary indicators for loans are management and cash flow
- Hospitality facilities, such as motels or hotels
- No balloon payments, loans are fully amortized
- Simple prequalification in as little as 48 hours
- No penalty for pre-payment
Equipment Financing
Many businesses also need cash to purchase necessary equipment for their success. SBA loans through Cloud9CapitalCorp can help you get a variety of equipment, such as printing and binding machinery, tools, manufacturing and heavy equipment, transportation and trucking items, medical tools and technology such as diagnostic equipment, laundry and dry cleaning, and much more.
Flexible Terms for Large Loans
We have many options to help you get small business loans for as much as $5 million, with flexible terms to help you get the most out of your money, including:
- Competitive interest rates with several repayment options
- Pre-qualification letters at no cost
- Financing for as much as 90% of a project
- Loans that are fully amortized with terms as long as 25 years
- Both fixed and variable rates available to for-profit and non-profit businesses
7(a) Loan Program
The 7(a) Loan Program is the most common SBA loan available, and provides long-term financing solutions for a wide range of businesses. In order to qualify for these loans, you must meet the criteria, including:
- Borrower must occupy or partially occupy the real estate (office buildings, industrial or warehouse facilities, manufacturing, retail shops, hotels, franchises, and more)
- Businesses must be classified as small. (as defined SBA guidelines within their respective industries)
- Retail or service-based businesses with 100 or fewer employees
- Manufacturing facilities with 500 or fewer employees
- The maximum tangible net worth of the borrower must not exceed $15 million and the average net income after taxes is not more than $5 million for the past two years
If you're refinancing, building, or acquiring real estate we can provide up to 90% financing for 25 years, business acquisitions can get up to 80% financing for 10 years, and equipment or debt refinance is eligible for up to 100% financing for 7 years. The terms are flexible according to your needs, we offer competitive rates, and every loan is fully amortized. Loans are up to $5 million with typical SBA guaranty fee and closing costs.
504 Loan Program
The SBA CDC (Certified Development Company)/504 Loan is loan specifically for fixed assets such as real estate, equipment and machinery. A 504 loan is advantageous for a borrower who seeks a lower down payment, below market interest rates and no balloon payments. The maximum amount for a SBA 504 loan is $5 million or up to $5.5 million.
SBA 504 loans can provide as much as 90% financing, including closing costs. Maturity terms for SBA 504 loans can be for 10 or 20 years.
Businesses must have a tangible net worth of less than $15 million and have an average net income after taxes of not more than $5 million for the past two years.
Example purposes for a SBA 504 loan:
- Construction or renovation of an owner occupied existing facility
- Acquisition of building and/or equipment with owner occupying at least 51% (60% for new construction)
- Green Construction or renovation
- Heavy equipment or "long term" machinery and equipment
- Refinance building, equipment and machinery for lower rates and longer terms
When you need help funding your small business, contact Cloud9CapitalCorp today to discover how an SBA loan can benefit you.