For more than 50 years, National Small Business Week has honored small businesses and their contributions in the United States. More than half of Americans either own or work for a small business. CBC National Bank recognizes and appreciates the importance of small businesses and there are numerous ways that we can help your small business succeed.
Loans
CBC National Bank offers many different kinds of loans for personal use, businesses, residential mortgages, and credit cards. Our employees can help you determine which loan is the best for you and how to effectively complete the application. CBC strives to help as many people and businesses as possible by fostering stable and thriving financial situations. We have many business loans that are ideal for small businesses.
SBA 7(a) Loan
The SBA 7(a) business loan is the most popular loan for small businesses. It was designed with a variety of purposes in mind so it can help many different types of small businesses. It offers lower monthly payments, flexible repayment terms, and competitive interest rates. Our program gives loans between $150,000 up to $5 million. An SBA 7(a) loan has a term of seven years for working capital and inventory, 10 years for equipment purchases, and 25 years for purchasing or refinancing real estate. Each loan program has a different set of eligibility requirements so it important to talk to an expert about which is best for your business.
SBA 504 Loan
An SBA 504 loan is ideal for subordinate mortgage financing that is long-term and a fixed-rate. It is used to obtain or renovate capital assets such as land, buildings, and equipment. SBA 504 loans have the same features as SBA 7(a) loans, except SBA 504 loans can offer up to $5 million and does not have a minimum. SBA 504 loan terms are 20 years for real estate and 10 years for equipment.
USDA Loan
A USDA loan has geographic requirements that SBA loans do not have. USDA loans are for small businesses in rural areas that qualify for purposes including startups, acquisitions, construction, expansion and repairs, refinancing, and permanent and working capital. A USDA loan offers guarantees of up to 80% on loans up to $8 million, flexible credit qualifications, and no limits on how small or large the loan is. The terms are a 30-year fixed interest rate without any down payments or balloon payments.
CBC is proud supporter of small businesses. Contact us for more information on how we can help yours today, and follow us on Facebook and Twitter to get more updates on #NSBW.
