What is an SBA Loan? SBA Loans

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1 SBA Lans The State Bank is a Preferred SBA (Small Business Administratin) Lender. The State Bank has delegated authrity t underwrite and apprve SBA lans n behalf f the SBA, thereby greatly expediting the lan prcess. This is part f the SBA s effrt t streamline the prcedures necessary t prvide financial assistance t the small business cmmunity. What is an SBA Lan? It is a gvernment-backed lan. The SBA (Small Business Administratin) wrks with lenders t prvide a partial guarantee f the utstanding lan balance t reduce the lender s risk and increases small business lending which helps t expand small business ecnmic activity. Use f Prceeds? Purchase r expand a business T prvide lng-term wrking capital t use t pay peratinal expenses, accunts payable and/r t purchase inventry Shrt-term wrking capital needs, including seasnal financing, cntract perfrmance, cnstructin financing and exprting Revlving funds based n the value f existing inventry and receivables T purchase equipment, machinery, furniture, fixtures, supplies r materials, vehicles, inventry T purchase wner ccupied real estate, including land and buildings T cnstruct a new building r renvate an existing building T establish a new business r assist in the acquisitin, peratin r expansin f an existing business T refinance existing business debt, under certain cnditins Benefits f SBA Lans? Easier qualificatins than cnventinal lan Lwer dwn payments N balln payments Lnger terms Flexible repayment terms Designed fr businesses with cllateral that might nt meet cnventin lending standards N advance frmula Less cvenants Advantages t Veterans

2 SBA 7a Business Lans The mst cmmn SBA lan, this prgram ffers up t $5,000,000 fr a variety f financing needs, with lnger terms and lwer cllateral requirements than cnventinal lending. SBA 7(a) Small Lans Targeted fr smaller requests, up t $350,000, allwing fr an expedited and streamlined applicatin prcess with fewer requirements. SBA Express Lans Fast-expediting lans f up t $350,000 prvide fixed-asset purchase pwer, debt cnslidatin, r wrking capital. SBA 504 Designed fr a grwing business that needs a lng-term fixed rate lan fr a majr acquisitin, the prjects range frm $125,000 t $12,500,000 depending n business type. The bank partners with a CDC (Certified Develpment Crpratin) t prvide financing. Typically, the bank will fund 50% f the lan amunt, the CDC will fund 40% f the lan amunt and the brrwer will fund 10%. Wrking Capital CAPline Fulfills shrt-term needs such as inventry, receivables, r cnslidating debt with this revlving credit line up t $5,000,000. What s needed t get started: Cmpany Infrmatin - Name, Type, Ownership Persnal Financial Statement (all wnership 20% r mre) Federal Business Tax Returns fr 3 prir years Year-t-date Balance Sheet and Incme Statement (within 120 days.) Federal Persnal Tax Returns fr 3 prir years (all wnership 20% r mre) Prjectins, if applicable Business Plan, if applicable Purchase Agreement, if applicable

3 Cmmn Myths f SBA Lans Myth 1: Getting a SBA lan will take frever! Truth: If yu find the right qualified lender, getting an SBA lan shuldn t take lnger than a cnventinal lan. There are als express prgrams like the Express SBA Lan. Myth 2: I can get an SBA lan directly frm the SBA, s why use a bank? Truth: The SBA des nt lend mney. A lt f peple think the SBA prvides grants t small business wners, but that is nt true. The SBA is a gvernment guarantee prgram that issues guarantees t decrease the risk t the bank when lending t small businesses. Myth 3: Yu need perfect credit t get a SBA lan. Truth: Lw credit scres n SBA lans d nt necessarily translate t a denial. Which wuld be the case fr cnventinal lans. Bad persnal credit can created restrictins/hurdles, but des nt always result in a denial. Myth 4: SBA lans have high interest rates and fees. Truth: The SBA actually wrks hard t keep fees and interest rates lw fr SBA lans. Typically, the SBA nly charges guarantee fees, which are typically 0 t 3.75 percent f the guaranteed prtin f the lan, depending n the lan amunt. These fees can be financed ver the term f the lan, which is typically lnger than the term fr a cnventinal lan and are nly paid nce. The SBA als mnitrs interest rates. A brrwer can get either a fixed r flating rate and the SBA limits hw much interest a lender can charge n a lan, as well. Myth 5: My business is ding well, and we are n the rad twards success; therefre, I dn t need a small business lan. Truth: Mre and mre small business wners have begun t use small business lans t help them grw and thrive. If yu are n the path t success, chances are yur business will be underging a lt f psitive change, which culd mean that yu will need mre funds t help fuel the grwth.

4 Benefits f getting a small business lan include lnger terms as well as lwer dwn payments, increased cash flw, and flexible repayment ptins like mnthly installments f principal and interest and n balln payments. Myth 6: Yu will be buried with the paperwrk! Truth: Yes, SBA des need certain types f infrmatin in rder t prvide a guarantee t the bank wh will grant a lan t yur business. But in many cases SBA lans require little mre paperwrk than a cnventinal lan f the bank. Myth 7: SBA lan is a last resrt surce f funding. Truth: Small Business Administratin (SBA) is the gvernment rganizatin whse missin is t help small business wners t make financing easier and cheaper. Thus SBA prvides guarantees t banks t facilitate the prcess f small business financing. The SBA lan prgrams insist that small businesses nt be charged an applicatin fee, r bank management fee. In additin, the SBA lan prgrams ffer financing with much lnger terms than traditinal bank financing. Lans are fully amrtized with n ballns r call dates. SBA places limits n hw much interest can be charged by lender t the small business brrwer. FREQUENTLY ASKED QUESTIONS What happens after I apply? The lan applicatin will g t a Small Lan Business Specialist t determine if yu qualify under The State Bank s credit standards, as well as, SBA eligibility guidelines. Is cllateral required? Yes, we will take a secured interest in business assets and/r mrtgage n real estate. Additinally, persnal assets are smetimes required. Is an SBA lan nly fr new business? N. The State Bank prvides SBA lans t many established businesses s they can grw and expand. What is the difference between an SBA lan and a cnventinal business lan frm TSB? A cnventinal business lan frm The State Bank is slely the bank s risk and is subject t Bank lending guidelines. An SBAExpress r 7(a) prgram lan, n the ther hand, is a

5 business lan that splits the risk between the Bank and the SBA, which guarantees a prtin f thse lans. Because f this split risk, SBA lans are subject t the lending guidelines f bth the SBA and The State Bank, which in turn is able t take n mre risk and prvide mre flexible terms. SBA 504 is an SBA lan participatin prgram in which The State Bank directly lends a prtin f the ttal financing need, with the remainder being lent by the Certified Develpment Cmpany (CDC). The CDC prtin is guaranteed by the SBA. Is an SBA Lan frm ne bank the same as frm anther? N. An SBA lan must still be apprved by the issuing bank, and each bank has its wn lending criteria. Yu shuld discuss specific terms with a bank representative t understand all the terms f yur lan. In additin, a bank that's an SBA Preferred Lender, like The State Bank, is likely t prvide yu with better terms and a smther applicatin and clsing prcess than a bank that is nt an SBA Preferred Lender.

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