SBA loans offer entrepreneurs cash flow to fund investments and operations
A Small Business Administration (SBA) loan can help cover working capital needs, expansions, real estate purchases, and more. This type of financing is issued by a private lender but backed by the federal government.
Community Choice business members can apply for an SBA loan directly through us! Once approved Community Choice will close the loan and distribute the proceeds. The loan is repaid by you to us through convenient, monthly payments that can be automated in e-Banking. SBA loans are available for working capital for seasonal financing, revolving credit, refinancing business debt, funds for fixed assets, remodeling for your business, and more.
At Community Choice, we work with business owners like you on securing SBA loans all year long. Our collective experience in processing SBA loans combined with a commitment to providing you with a rewarding member experience means that you get the best of all worlds.
Types of SBA loans
There are several government small-business loan options available — each with its own terms and conditions. The best SBA loan for you will depend on what you plan to fund.
Here’s a summary of the SBA loans you can get with us:
504 loans
Long-term, fixed-rate financing loans used to purchase or repair real estate, equipment, machinery, or other assets
7(a) loans
Loans that guarantee portions of the total amount, cap interest rates, and limit fees.
SBA Express loans
This type of loan includes accelerated turnaround time for SBA review on loans of up to $500,000.
Benefits of SBA-guaranteed loans
One of the most important benefits of an SBA loan is having the guarantee of the U.S. Small Business Administration. With this backing, a qualified business owner can more easily obtain financing compared to other methods.
Additional benefits include:
Competitive terms
SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans. Along with better rates, they can include longer terms.
Counseling and education
You benefit from additional education and informational support through the SBA and Community Choice to help you start and run your business.
Safety and peace of mind
An SBA loan through Community Choice means you won’t have to worry about predatory lending practices. All loans will include full lender disclosures and fair interest rates. Avoid any deception and bad faith lenders.
Looking for even more? These SBA loans can include benefits such as lower down payments, flexible overhead requirements, and no additional collateral.
Getting started with an SBA loan through Community Choice is easy. Simply call our Business Services Team at 877.243.2528 ext. 1043. Or, when you have a minute, email the team at Businesslending@communitychoicecu.com, and we’ll follow up with you shortly. It’s the best way to ensure a convenient and hassle-free process of securing an SBA loan for your growing business!