1 VISION INCREASING OPPORTUNITIES FOR ALL SMALL BUSINESSES TO SUCCEED
2 SBA FINANCIAL ASSISTANCE An SBA guaranty is designed to help small businesses get access to reasonable credit from commercial lenders.
3 SBA s s Guaranty For 7(a) lenders, the SBA guaranty reduces the lender s risk in cases of loan default when the lender requests SBA to honor its guaranty. The guaranty ranges from 50 percent (SBAExpress) to 85 percent (regular 7(a) loans of $150,000 or less). (Only one program has an SBA guaranty of 90 percent Export Working Capital Program.)
4 SBA Guaranty For 504 loans, SBA guaranties the debenture (100 percent) that funds the loan. This permits the debenture to be pooled with other debentures and sold to Wall Street on a monthly basis at advantageous fixed rates. These rates are then passed on to the small business borrower as the basis for the 504 loan rate.
5 FY 2005 A Record Year 7(a) Loans: 95,900 loans totaling $15.2 B 31 percent to new businesses* 32 percent to minority-owned businesses 25 percent to women-owned businesses 6.3 percent to franchises (10.8% of dollars) *number of loans
6 Record Year continued 504 Loans: 9,194 loans totaling $5.0B 14 percent to new businesses 30 percent to minority-owned businesses 15 percent to women-owned businesses 9.7% to franchises (15.5% of dollars) The number of loans (7(a) and 504) approved in FY 2005 is more than double the number approved during FY 2000.
7 7(a) Loans (standard, PLP, SBAExpress, Community Express), 7(a) GO Loans, 504 Loans Insert Word Document describing the loan programs.
8 SBA DELIVERY PROGRAMS REGULAR 7(a) (15%) processed in the district offices Programs where loans are processed centrally are: PREFERRED LENDERS PROGRAM (PLP) (19%) SBAEXPRESS and Community Express (66%) All 504 LOANS: Centralized processing permits quick turnaround times from SBA.
9 CREDIT POLICY When does a lender seek an SBA guaranty? The lender has already analyzed the request and determined that there is a reasonable expectation that the borrower will pay the loan back in a timely manner from the business operations BUT
10 CREDIT POLICY (cont.) Borrower requires a longer loan term than the lender normally provides; or Collateral in a liquidation would not cover the loan amount; or Borrower is a new business with an unproven track record; or Borrower s credit score is lower than lender normally accepts, but it is still satisfactory.
11 SBA LENDING CASH FLOW LENDER NOT ASSET BASED (exception Caplines) COLLATERAL IS SECONDARY However, SBA s guaranty is not a substitution for pledging of collateral by the business and its owners. For 7(a) the collateral available (including personally owned assets) is usually taken. For 504, the project assets are usually sufficient collateral.
12 SBA s Role in Meeting Small Business Loan Demand Most Viable Business Profile Factors that determine this range: Overall economy Lenders regulatory environment Lenders liquidity (or lack thereof) Lenders competitive environment Least Viable Business Profile Experienced management Sterling credit Generous collateral Sound business idea Financial reserve No management experience No potential chance of repayment in a timely manner Unfeasible business idea No financial reserves Lender Range SBA Range No Range Lenders are comfortable making loans without SBA s guaranty Loan credit or terms are outside of the lenders normal range. Loan will not be made without SBA s guaranty Lenders are not comfortable making loans even with SBA s guaranty
13 SBA 7(a) Eligibility Parameters BASIC PURPOSE / USE OF PROCEEDS Working Capital, Machinery & Equipment, Real Estate, Inventory, and Furniture & Fixtures MATURITY - UP TO 25 YEARS Based on use of proceeds SIZE # Employees or $ Receipts
14 ELIGIBILITY - SIZE STANDARDS General Range for 7a Loans Manufacturer employees Wholesalers employees Retail - $6 Million Service - $6 Million Contractors - $ $27.5 Million
15 Basic 504 Eligibility Criteria Basic Purpose of the Program: Job creation Use of Proceeds: For long-term fixed assets. Generally owner-occupied building (and land). Working capital or refinancing cannot be included in use of proceeds. Term: 10 or 20 years.
16 Size Standards for 504 Loans Business (including any affiliates) must not exceed an average net income after taxes of $2.5 million AND tangible net worth of $7 million.
17 INELIGIBLE - BUSINESS TYPES Businesses deriving income from gambling (other than small amounts such as selling lottery tickets in a convenience store). Real estate held for sale or investment (shopping center for example) Businesses that establish monopolies or pyramid sales Businesses that limit the number of memberships for reasons other than capacity. Businesses located in foreign countries Businesses deriving income from the sale of products, services or presentation of depictions or displays of a prurient sexual nature. Not-for-profit businesses.
18 Ineligible Businesses cont. Businesses in which an associate is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral turpitude. (Associate = owner, officer, director, or key employee) Note: If an associate is not incarcerated, on probation, or on parole but does have an arrest record, such as a DUI, the individual must go through a clearance process involving at a minimum a name check through FBI records. Post 9-11 has caused this process to take months. In some cases, the lender is given the authority to process and close a loan prior to receiving the results. There is a risk to the lender associated with that authority.
19 Ineligible Businesses cont. Businesses that have failed to file their federal income tax returns for any of the previous 3 years. Lenders are required to check with the IRS.
20 Specific Issues regarding Franchises There can be no evidence of control (affiliation) between the franchisor and franchisee: Examples of provisions in franchise agreements that caused a determination of affiliation are the following: A franchise fee equal to 52 percent of gross profits; A provision that allowed the franchisor to terminate the franchise whenever the franchisor opened a new retail store in the franchisee s primary zip code;
21 A provision that a franchisee could not transfer its interest in the franchise without the prior written consent of the franchisor, which could be withheld for any reason by the franchisor at its sole discretion; A provision that the franchisor has the option to purchase the franchisee s assets upon expiration or breach of the franchise, where the franchisor has the ability to control the price at the time of purchase by the franchisor unilaterally determining fair market value ; and by the franchisor unilaterally selecting an appraiser for the assets.
22 A listing of franchises that SBA has determined have acceptable franchise agreements may be found at this site. The Registry lists names of franchise companies whose franchisees enjoy the benefits of a streamlined review process for SBA loan applications. Loan applications for registered franchisors can be reviewed and processed quickly and efficiently. Participation in the Registry is voluntary.
23 Franchises cont. If a franchisor does not participate in this streamlined review process, loan applications by its franchisees must be reviewed individually by SBA or its lenders which can result in a delayed loan decision.
24 Maximum Loan Size Maximum 7(a) loan is $2M (gross amount) with an SBA guaranty of 75% ($1.5 M) A small business including any affiliates can receive no more than $1.5 M in 7(a) guaranty financing. Maximum 504 debenture is $1.5M (job creation); $2M (public policy goal) and $4M (manufacturers). First mortgage financing has to be at least as much as the debenture.
25 Guaranty Fee To SBA (Zero Subsidy Programs) 7(a) Guaranty Fee (on guaranteed portion) This fee is paid by the borrower. Term of Loan 12 months 0.25% Term of Loan >12 months Loans: < $ 150,000 2% Loans > $ 150,000 < $700,000 3% Loans > $700, %* (*Guaranteed amounts above $1 million 3.75%) 7(a) On-Going Fee: 0545% annually (paid by lender) on principal balance.
26 SBA Guaranty Fees cont. 504 Loan Program Upfront Fee from Borrower: 0.5 % Upfront Fee from 1 st mortgage lender: 0.5% On-going Fee from CDC:
27 Fees to 7(a) Lender The regulations governing fees may be found at 13 CFR and Regular 7(a) Loans: Lender cannot require a packaging fee but may receive a fee if borrower OKs it. Any packaging fee a borrower pays, either to a lender or to an independent packager, must be identified to SBA by means of Form 159.
28 Fees to a CDC Unlike a 7(a) lender, a CDC does not receive interest income on the borrower s loan. The investor does. Therefore, the CDC is compensated by the borrower through fees. The upfront fee permitted to be charged is 1.5%. The CDC also gets an on-going annual fee from the borrower. This annual fee has a range: to 2.0% of the principal balance adjusted every 5 years. Most CDCs charge between and 1.0%.
29 Prepayment Penalties 7(a) Loans (payable to SBA) If the loan has a maturity of 15 years or more, during the 1 st 3 years, there is a prepayment penalty on any voluntary prepayments above 25 percent of the outstanding balance during that year. The penalty is: 1 st year: 5 percent 2 nd year: 3 percent 3 rd year: 1 percent of the prepaid amount.
30 Prepayment Penalties 504 Loans (payable to the investor) 20- year debentures: Declining percentage during the 1 st 10 years from 100 percent of the interest the first year to 0 percent the 11 th year. 10-year debentures: Declining percentage during the 1 st 5 years. 504 debentures do not permit partial prepayments.
31 Top 10 7(a) Lenders for 2005 Approximately 5000 lenders are SBA 7(a) participating lenders. These include credit unions and non-bank lenders.
32 Top 10 7(a) Lenders 2005 BANK OF AMERICA 11,593 $411,929,900 CITIZENS BANK GROUP 5,428 $216,212,800 CAPITAL ONE BANK 4,891 $213,408,300 INNOVATIVE BANK 3,325 $28,559,500 WELLS FARGO & COMPANY 3,205 $434,086,897 J.P. MORGAN CHASE BANK 2,176 $249,582,419 U.S. BANK 1,968 $384,073,000 CIT SMALL BUS. LENDING CORP 1,508 $751,680,594 NATIONAL CITY BANK 1,500 $105,096,070 ZIONS BANK GROUP 1,467 $191,272,100
33 CDCs There are approximately 270 CDCs. Each CDC has a specific geographic territory, usually the state in which it is located plus some contiguous counties in an adjacent state.
34 Top 10 CDCs FY 2005 CDC Small Bus Fin Corp 670 $ 461,912,604 Florida Bus Dev Corp 376 $ 170,560,000 EDF Resource Capital Inc 330 $ 222,649,000 Florida First Capital Fin Corp Inc 280 $ 134,058,000 TMC Dev Corp 233 $ 160,467,000 Mountain West Small Bus Fin 200 $ 90,423,000 Granite State EDC 199 $ 81,945,000 Empire State CDC 181 $ 100,231,000 Front Range Reg EDC 180 $ 76,463,000 Small Bus Growth Corp 168 $ 93,410,000
35 What looks like
36 On this page you will find a map of the U.S. If you highlight one of the states, this will take you to the home page of SBA s district office in that state.
37 SBA s s Website
38 SBA Georgia s s Web Page
39 These district office web pages have links to useful financing information. For example, on the Georgia webpage there is a link to the top 7(a) lenders and CDCs in the state.
40 List of Top Lenders in Georgia
41 Top CDCs in Georgia
42 Franchise Registry Information I have also included a handout regarding the Franchise Registry for those Franchisors in the audience who may be interested in registering. Thank you for your time.
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