SBA Business Loan Programs

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1 SBA Business Loan Programs Horizon Certified Development Company Horizon Certified Development Company Incorporated in 1982 as Hamilton County Development Co., Inc. (HCDC) HCDC is a Certified Development Company (CDC) licensed and regulated by the U.S. Small Business Administration (SBA) Non-profit organization authorized to provide SBA financing throughout the State of Ohio, Commonwealth of Kentucky and Southeastern Indiana Affiliate Hamilton County Business Center is one of the largest small business incubators in Ohio HCDC also operates the Office of Economic Development for the Hamilton County Commissioners U.S. Small Business Administration SBA provides a number of financial assistance programs to meet key financing needs. 1. Guaranteed Loan Programs (Debt Financing) 2. Bonding Programs (Surety Bonds) 3. Venture Capital Program 1

2 SBA DISTRICTS IN OHIO Cleveland District Office Columbus District Office Cincinnati Branch SBA Loan Programs SBA does not make direct loans to small businesses! SBA sets the guidelines for loans, which are met by its partners. SBA guarantees loans will be repaid, thus eliminating risk to the lenders A business applying for an SBA loan is actually applying for a commercial loan, structured according to SBA requirements with an SBA guaranty. Eligibility: WHAT IS A SMALL BUSINESS? SIZE STANDARDS: Standard Size Standards are Based on NAICS Codes. Typically Based on Number of Employees or Annual Receipts. Alternative size standard is a combination of less than $15 million in net worth and two year average net income of $5 million or less. If you qualify under either method, you are considered small. 2

3 Affiliates Size Is Based on the Combined Operations of an Applicant and All Its Affiliates. Affiliates are businesses that have common ownership, common management or contractual relationships. SBA reviews franchise businesses to ensure there is no affiliation between the franchisor and franchisee. SBA affiliation rules generally apply to all Federal Programs for which a business must qualify as small. Ineligible Businesses Not for Profit Businesses Passive Holder of Real Estate (Landlords). Businesses Owned by Aliens: Applicants must have resident alien status. Application must include copy of alien registration card. Businesses Engaged in Gambling: < 1/3 of annual gross sales from legal gambling eligible. Criteria for lottery income is based on commission. Businesses Which Restrict Patronage. Businesses Engaged in Promoting Religion. Cooperatives. A business where an associate is incarcerated, on probation or parole, or has been indicted for a felony or a crime of moral turpitude SBA Loan Programs 7(a) Loan Program-Administered by Banks & Financial Institutions. Currently about 4,500 lenders participate in the 7(a) Program nationally. 504 Loan Program Administered through Certified Development Companies. 256 CDCs made at least one 504 loan in FY2012. MicroLoan Program - Administered through third party intermediaries including Community Development Financial Institutions, CDC s and non-profit micro lending intermediaries. 3

4 Why use the SBA Loan Programs? The purpose of SBA s financial assistance is NOT to encourage lenders to make BAD Loans. The purpose is to help businesses with a reasonable chance of succeeding to obtain financing, on reasonable terms, when it is not readily available through conventional means. BUT-An SBA Loan cannot be made to a small business if the borrower has access to conventional financing on reasonable terms. Eligible Use of 7(a) Loan Proceeds The purchase of land or buildings, new construction, and expansion or conversion of existing facilities. The purchase of equipment, machinery, furniture, fixtures, supplies or materials. Long-term working capital, including payment or A/P and/or purchase of inventory. Short-term working capital, including seasonal financing, contract performance and construction financing. Financing against existing inventory and receivables, under special conditions. The refinancing of existing business debt that is not already structured with reasonable terms and conditions. To purchase an existing business. Situations Where an SBA Guaranty May Be Necessary Startup Businesses Lack of Collateral Lower Than Normal Down Payment/Equity Longer Term/Lower Payments Required to Meet Debt Coverage Requirements Riskier Industries (Entertainment, High-Tech, Service, Retail) Uneven Historical Revenues or Profits Tighter Than Normal Debt Coverage Change of Ownership/Management Lending Limits Reliance on Projections 4

5 SBA 7(a) Guaranty Fees 2.00% on guaranteed amount of loans to $150, % on guaranteed amount of loans between $150,001 & $700, % on guaranteed amount of loans >$700,000 plus an additional.25% on guaranteed amount above $1,000,000. The maximum SBA 7(a) loan is $5 million with a maximum SBA guarantee of $3.75 million What is the SBA 504 Loan Program? The 504 Loan Program targets companies in their growth cycle to assist in creating jobs, expand the tax base and improve American communities. The core mission is to provide long term fixed asset financing to: 1. Acquire an existing building 2. Acquire and renovate an existing building 3. Acquire land and construct a new building 4. Acquire machinery and equipment 5. Certain project soft costs, i.e. appraisal report 504 Loan Program There must be an economic development component for each 504 Project: One job per $65,000 of debenture saved/created unless manufacturing firm, then one per $100,000. Meets a SBA Public Policy Goal such as assistance to women, minority, veteran owned and control business, project in rural area, project in a revitalizing district with written redevelopment plan. In FY 2012 the SBA approved 7,047 loans through the 504 Program for a total of $4.4 billion, which led to the creation/retention of almost 80,000 jobs. 5

6 How Does the 504 Loan Program Work? Private Lender 50% HCDC SBA % Borrower downpayment 10% Typical Project Structure 504 Loan Program The loan size cannot be more than 40% of the total project cost with a maximum of $5 million and a minimum of $25,000. For manufacturing businesses and certain green projects the maximum is $5.5 million per project. Single purpose facilities and financing to start-up businesses require a larger equity contribution. 504 Loan Program Fees The costs to operate the 504 Loan Program by the SBA are paid for through one time processing fees and on-going servicing fees. The SBA charges the participating lender a one time, ½% fee on the lender s loan amount. The SBA finances a 2.88% fee in the 504 loan. Of this the CDC retains 1.5%. 6

7 Benefits of the 504 Program The 504 Loan program offers small businesses both immediate and long-term benefits, so business owners can focus on growing their business. Some of the top-level benefits include: 90% financing; Longer loan amortizations, no balloon payments; Fixed-rate interest rates; and Savings that result in improved cash flow for small businesses. Real Estate HCDC Business Loans Project Highlights Machinery & Equipment HCDC Business Loans Project Highlights 7

8 THANK YOU! HCDC bridging the financing gap for small businesses. Contact us: horizoncdc.com 8

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