SBA Loan DocumentsSBA Application Package
Frequently Asked Questions - 7(a) Program
What Is An SBA Loan?
SBA loans are loans to small businesses that are guaranteed by the Small Business Administration, an independent federal agency. These loans are made to help small companies get started, expand, and prosper.
I've heard SBA loans take forever. Is that true?
The SBA process has been streamlined and with C1 Bank's PLP designation, we are able to close loans very quickly.
Is there a lot of extra paperwork?
SBA loan underwriting is similar to conventional financing. There are a few SBA specific forms, but the requirements are not over bearing.
What can an SBA loan be used for?
To purchase real estate, purchase equipment, consolidate business debt, purchase a business, purchase inventory, or to provide working capital.
Is the government making the loan?
The bank is lending the money and The Small Business Administration is guaranteeing a portion of the loan.
How do I know if I am eligible?
Call us directly at (727) 456-5690 or complete the Contact Us form.
Helpful LinksSmall Business Administration - www.sba.gov
SCORE Business Counseling - www.score.org
USF Small Business Development Center Business Counseling - www.sbdctampabay.com
Reuters Small Business News - www.reuters.com
Franchise Registry - www.franchiseregistry.com
Small businesses often have the biggest opportunities.
At C1 Bank, our Small Business Administration (SBA) Department makes the small business loan process easy to navigate and quick to close. With 15 years of SBA experience, our expertise, friendliness and desire for your business is unmatched in Tampa Bay. Schedule an appointment for a free one-on-one consultation today. Contact our SBA specialists at (727)456-5690 or sba@C1Bank.com.
Why Choose C1 Bank For Your SBA Loan?C1 Bank is a Preferred Lender of the SBA. That allows us to quickly decision and fund your loan on behalf of the SBA. Most importantly, we are well capitalized and we are looking to lend. We are frequently ranked as the number one SBA lender among local banks. Everything that we do to process your loan application is done right here in Tampa Bay. We can go from application to approval in less than 2 weeks. Call us today!
Does your small business require financing?An SBA loan can be used for a wide variety of business purposes including one or a combination of any of the below:
- Purchase land and building
- Expansion or modernization of an existing facility
- Leasehold improvements
- Purchase furniture, fixtures and equipment
- Purchase an existing business
- Start-up a new business including franchise lending
- Working Capital
Here are a few highlights of our program
- Loans from $50,000 up to $5 million
- Up to 90% financing on real estate, furniture, fixtures and equipment
- Up to 25 year real estate terms, fully amortized/no balloon payments
- Relaxed cash-flow and collateral qualification requirements
- Preferred Lender Status
Why an SBA loan?The SBA's expanded qualification parameters provide you with an alternative way to access capital. Although the SBA has grown and evolved in the years since it was established in 1953. The bottom line remains the same. The SBA helps Americans start, build and grow their businesses.
Many small businesses need longer term loans in order to prosper through economic ups and downs. Commercial lenders typically offer short term loans with a balloon payment at the end. A longer term loan available through SBA enables your business to:
- Lower monthly payments
- Improve business cash flow
- Eliminate the worry of a balloon payment
- No need to refinance
- No prepayment penalties
What Is A "Small" Business?SBA defines a small business as one that is independently owned and operated, is not dominant in its field, and which meets the following criteria (stated in maximums): Most businesses are eligible for SBA loans with the exception of non-profit groups, real estate investment firms, leasing and finance companies, and affiliates of a large business.
What Are The Credit Requirements?
- Management must have sufficient expertise in the field to successfully operate the business.
- The business owner must have a reasonable amount of his or her own money invested in the business.
- Demonstrate that the past earnings record and probable future earnings will be sufficient to repay the loan.
- Owners must pledge sufficient assets to secure the loan. Personal guarantees are required. Liens on personal assets of the principals may also be required if business collateral is inadequate.
- Owners, partners, principal stockholders, officers, and managers must be of good character.