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City Capital Finance specializes in providing SBA loans to business owners in the most efficient manner. There are several SBA loan programs available for your business:
SBA 7a Real Estate Loan for Real Estate, Equipment or Working Capital
Purpose of Loan
- Commercial real estate purchase
- Special programs to finance equipment or working capital
Size of Loan
- Up to $2 million
- Financing packages up to $5 million
Cash Injection Requirements
- Minimum 10% down payment, depending on collateral and type of property
Terms of Loan
- Up to 25 years fully amortized, at competitive rates
Loan Fees
- SBA Guaranty Fees ranging from 1.7% to 2.6% of loan amount depending on loan size
Qualifying Requirements
- Adequate cash flow to cover debt levels
- Acceptable credit history
Loan Turnaround times
- 10 business days for Bank approval upon receipt of complete package
- 45-60 days funding from receipt of completed application package
SBA 504 Loan Program for Commercial Real Estate
Purpose of Loan
- Purchase and construction of commercial real estate
Size of Loan
Cash Injection Requirements
- As little as 10%, depending of use of proceeds
Terms of Loan
Loan Fees
- Loan fee generally 1.5% of loan amount
- Construction loan fees based on project size
Qualifying Requirements
- 3 years management experience or 1 year profitable business ownership experience
- Adequate historical cash flow to repay the loan
- Owner/user to occupy 51% of existing building or 67% of new construction
- Net worth of less than $6 million and net profit of less than $2 million average over the last two years
- Acceptable credit history
Loan Turnaround times
- 10 business days for Bank approval upon receipt of complete package
- 45-60 days funding from receipt of completed application package and CDC approval
SBA Specialty Business Start-Up Financing
Purpose of Loan
- Business start-up financing for specialty industries, including car washes, day care centers, assisted living projects, hotel/motel establishments and independent insurance agents
Size of Loan
- Up to $2 million
- Financing packages up to $5 million
Cash Injection Requirements
Terms of Loan
- Up to 25 years fully amortized, at competitive rates, for real estate purchases
- Up to 10 years fully amortized, at competitive rates, for non real estate purchases
Loan Fees
- SBA Guaranty Fees ranging from 1.7% to 2.6% of loan amount depending on loan size
Qualifying Requirements
- Management experience in same or related
- Acceptable credit history
- Minimum 10% non-borrowed cash injection
Loan Turnaround times
- 10 business days for Bank approval upon receipt of complete package
- 45-60 days funding from receipt of completed application package
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