Business Owners

 

NEW PROGRAM – ACCOUNTS  RECEIVABLE  FINANCING
Small to medium size businesses with invoices ranging from $25,000 to $2 Million can turn their accounts receivable invoices into cash within 48 hours after invoicing customers. This program helps supply the necessary working capital for your business to continue operating while waiting for the invoices to be paid by customers. This program allows you to continue expanding and growing your business in a tight lending market. Companies such as such as staffing, engineering firms, manufacturers, certified public accountants, attorneys and those with significant government contracts or a company that has strong business to business clients may qualify. PLEASE CALL OR EMAIL US FOR MORE DETAILS.
SBA Lending
The 7(a) Loan Program is SBA’s primary program to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. The name comes from section 7(a) of the Small Business Act, which authorizes SBA to provide business loans to American small businesses. 7(a) loans are the most basic and most commonly used type of loans. They are also the most flexible, since financing can be guaranteed for a variety of general business purposes, including working capital, machinery and equipment, furniture and fixtures, land and building up to 90% financing (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.
CDC/504 Loan Programis a long-term financing tool for economic development within a community. The 504 Program provides small businesses requiring “brick and mortar” financing with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization. A Certified Development Company (CDC) is a private, nonprofit corporation set up to contribute to the economic development of its community. CDCs work with SBA and private sector lenders to provide financing to small businesses.  Typically, a 504 project includes: A loan secured from a private sector lender with a senior lien covering up to 50 percent of the project cost; A loan secured from a CDC (backed by a 100 percent SBA-guaranteed debenture with a junior lien covering up to 40 percent of the total cost and a contribution from the borrower of at least 10 percent equity. Proceeds from 504 loans must be used for fixed asset projects, such as purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping. Construction of new facilities or modernizing, renovating or converting existing facilities and purchasing long-term machinery and equipment. The 504 Program cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing.
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