If you are planning to start a business or expand an existing business, you may need help with business financing. That is where SBA loans come in.
The Small Business Administration (SBA) has a program of government-guaranteed loans (The SBA Advantage Loan Program and the SBA Grow Loan Program, formerly known as SBA 504 loans and 7(a) loans) that are designed to help small businesses get the funds that they need more easily. These loans also provide more flexible terms compared to conventional loan options.
In February, 2010, our former president, Barack Obama, announced several new small business lending initiatives to help increase access to capital and create jobs. These initiatives included: a refinancing program for small business owner-occupied commercial real estate, an expanded working capital program, and a permanent increase in the maximum loan sizes.
For the SBA Advantage Loan Program, the maximum loan size is $5 million. For the SBA Grow Loan Program, the maximum loan size is $5 million for regular projects and $5.5 million for manufacturing. There is also a commercial real estate refinancing program available using the SBA Grow Loan Program.
Bank of Southern California has been recognized as a top small business lender in San Diego County by the San Diego District Office of the U.S. Small Business Administration for many years now. We are also an SBA Preferred Lender, which means that the Small Business Loan Administration granted us the authority to expedite the approval of loans. Therefore, if you need an SBA loan, we are here to help. Contact us today!