Small Business Administration (SBA) Loans
For over 80 years since our founding, Public Savings Bank has provided programs and services to help small businesses in their pursuit of growth and prosperity. Since the present management acquired Public Savings Bank, we have further increased our focus on small business. Our mission at Public Savings Bank is to be a premier small business banker; to be viewed by our customers, both borrowers and depositors, as a trusted and valuable resource for their business’ future. We don’t believe that means being the largest bank or doing the most small business loans… actually, almost the opposite. We are committed to being the bank that:
- Listens and understands the needs of small businesses;
- Provides informational resources for small businesses to grow and succeed;
- Can tailor both our lending and business banking programs to fit your needs;
- Has knowledgeable and consistent staff with varied backgrounds - entrepreneurial ventures, sales, business management, accounting – that can be of service to our customer.
With new lending programs and reduced fees, now is the time to learn about SBA loans.
The American Recovery and Reinvestment Act, signed into law on February 17, 2009, included funds for the SBA that will make it easier and less expensive for small businesses to get loans. The SBA announced a variety of new measures to address the needs of small businesses, ranging from new programs to reduced fees. SBA has temporarily waived upfront guaranty fees on 7(a) and 504 programs.
PURPOSE:
- Purchase of owner-occupied business real estate
- Purchase machinery and equipment, furniture and fixtures
- Purchase inventory
- Provide working capital
- Enhance cash flow
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LOAN AMOUNT:
- $250,000 Minimum
- $2,000,000 Maximum
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INTEREST RATES:
- Floating rates up to 2.75% over the Wall Street Journal Prime Rate – currently 3.25%, adjusting monthly
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TERMS:
- Up to 25 years, fully amortizing over the life of the loan
- The term is offered based upon the use of the proceeds:
- Real estate – up to 25 years
- Working Capital – 7 to 10 years
- Machinery and Equipment – based on the useful life of the asset
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PREPAYMENT PENALTY:
- Prepayment penalty may apply during the first three years
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COLLATERAL:
- Real estate
- Machinery and Equipment
- Furniture and Fixture
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RECOURSE:
- All principals who own 20% or more of the business are required to provide a full guarantee
- The guarantee of affiliated companies may be required based on the percentage of ownership of the affiliate and the borrower’s relationship with the affiliate
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INDUSTRIES:
- Loans can be made to all businesses except those that do not meet SBA 7(a) eligibility requirements. Ineligible industries include:
- Real estate investment or speculation
- Gambling
- Adult entertainment
- Money lending
- Pyramid sales schemes
- Non-profit organizations
- Religious organizations
- Defaulted on a federal loan
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OTHER CONSIDERATIONS:
- Appraisal and environmental reports will be required for real estate used as collateral
- Borrowers cannot have filed for bankruptcy in the last 3 years
- Life insurance on the principals of the company may be required
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Business must meet SBA eligibility standard
Click HERE to learn more about resources for your small business. |
Public Savings Bank currently lends in Southeastern Pennsylvania and New Jersey. Contact us any time by emailing Loans@PublicSavings.com or call us toll free at 1-888-8PUBLIC (888-878-2542).
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