BankNewport can support your financing needs with a full complement of SBA Loans.
What is an SBA Loan?
The U.S. Small Business Administration (SBA) is an independent agency of the federal government that created a program designed to help small businesses that may otherwise not meet a bank’s credit requirements to obtain financing. SBA realizes that small businesses are the backbone of our economy. By utilizing the SBA program of government-guaranteed loans, a small business is able to improve its chances by qualifying for more flexible terms than conventional financing. SBA loans also provide much needed financing for special interest groups, such as: Women owned businesses, Veterans, Native American and Young Entrepreneurs.
To qualify for an SBA loan, your business must meet the following criteria:
- Meet the SBA size guidelines
- Be an owner-operated, for profit entity
- Organized as a sole proprietorship, corporation, or professional partnership
Types of loans:
- Lines of Credit
- Term Loans
- Equipment Loans
- Business Acquisition Loans
- Commercial Mortgages
Special Programs:
- SBAExpress Program Loan
- 7(a) Loan Program
- SBA504 Program Loan
- An economic development vehicle offered to help stimulate the economy by financing up to 90% of fixed asset acquisition.
Additional information can be obtained at the SBA website, which is: www.sba.gov
Lines of credit up to $75,000 and term loans up to $150,000 that are financed in conjunction with the SBAExpress Program are also supported within BankNewport’s Small Business Lending Program category.
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For more details and information, contact Vice President/Commercial Loan Officer/SBA Specialist
Douglas Hanson at 845-8731 or via email at douglas.hanson@banknewport.com.
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