As a small business owner, you play a vital role in our nation’s economy, and you provide jobs for the vast majority of U.S. workers. So it’s important that entrepreneurs like you get the necessary financing. That’s why SunTrust partners with the U.S. Small Business Administration (SBA)—to offer you the financial support that conventional loans can’t.
SBA loan programs are backed by the federal government and provide a more flexible loan structure, more time to repay and lower down payments. There are several SBA business loan options available.
|SBA 504 Loan||SBA 7(a) Loan||SBA Express Loan
or Line of Credit
|Description||Great for long-term needs like, buying commercial real estate, starting your business and constructing or renovating facilities. Less equity required vs. a conventional business loan.||The SBA's primary loan program offers growing businesses long-term financing for a wide range of needs, from real estate to working capital. Lines of credit not permitted.||Lower borrowing maximums make for less paperwork and a faster application turnaround. Lower down payments vs. a conventional business loan.|
|Eligibility||Businesses up to $15 million in net worth and $5 million in net income are eligible. For-profit businesses that meet the SBA's size and industry guidelines*, and if you follow the Personal Guarantee of Principal Owners.|
|Projects considered up to and potentially exceeding $10 million||$5 million||$250,000|
|Maximum Term||Up to 25 years||5-7 years for working capital; up to 25 years for real estate; 10 years for all other loans (i.e., fixed assets and equipment)||10 years|
|Bank portion subject to SunTrust pricing. SBA 2nd lien portion determined at the time of debenture sale.||75-85%||50%|
|None||SBA charges a fee to guarantee the loan||None|
|Minimum of 10%||Minimum of 10%|
|Collateral||The SBA doesn't require a specific level of collateral. Generally the assets being financed are used as collateral. Personal assets may be required if the assets being financed do not adequately secure the loan. Even if you've already committed your available business and personal assets, you may still qualify for SBA financing.|
|Interest Rates||Competitive fixed||Plus, no balloons||Competitive variable or fixed|
When you work with an experienced SBA loan specialist at SunTrust you can move through the process quickly and easily.1
Contact your local Relationship Manager for more information.
If you’re thinking about expanding globally, learn about our SBA Export Loans.
Approved to offer SBA loan products under SBA's Preferred Lender program.
* Industry guidelines are stated as maximums that qualify: Any and all owners who own 20% or more of the business are required to unconditionally guarantee. However, anyone with a controlling interest or key role in the business may be required to guarantee.
1 Subject to normal criteria. Important Note: In all cases, SBA policy requirements supersede SunTrust's credit quality requirements.
Start up businesses require an additional 5% equity injection. Special-purpose real estate requires an additional 5% equity injection. If both apply, these injections would be cumulative resulting in 10% additional equity.
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With the time to sell a business averaging from 6 to 12 months, the transition plan for your business is imperative to the success of the sale—see the steps necessary to formulate your transition plan.
Establishing and growing business profitability is a top goal for many small businesses. Small business owners must carefully manage spending and should consider 5 tactics to cut costs.
Financial functions like invoicing customers and paying suppliers are vital to new businesses. Take these three steps to get your small business financial systems in place.
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