Small Business Administration Loans (SBA)
The U.S. Small Business Administration has developed loan programs designed for small and/or growing businesses. While the funds are guaranteed in whole or in part by the SBA, the loans originate and are serviced by Solvay Bank. We participate in multiple programs, and are a Preferred Lender Program (PLP) in the SBA.
- SBA 7(a) Loans
The 7(a) Loan Program is SBA's most popular program. It is used for a great number of reasons by start-up and existing small businesses that might not be able to secure loans through standard channels.
- Terms up to 10 years for working capital
- Terms up to 25 years for fixed assets
- Expansion or renovation of an existing building
- Construction of a new facility
- Purchase land, buildings, equipment, inventory and fixtures
- Leasehold improvements
- Refinancing debts for compelling reasons
- Start-up business
- SBA 504 Loans
Also called the Certified Development Company (CDC) Program, SBA 504 loans are designed to provide long-term, below market, fixed rate financing for major fixed finances and real estate.
- Construction of new facilities
- Renovating or converting existing facilities
- Purchasing land and improvements
- Purchasing long-term machinery and equipment
- The 504 Program can not be used for short-term working capital
- SBAExpress
SBAExpress is a loan program that streamlines the processing and loan procedures for less complex SBA loans. Costs are lower and decisions are faster.
- Response will be given within 36 hours
- Accelerated process for short-term needs
- Seasonal lines of credit
