Walter Dyminski
Vice President | SBA Manager
(662) 816-6891
wdyminski@bankfirstfs.com
Give Walter Dyminski a call to learn which program(s) your business may qualify for.
You have a growing business or want to start a new business. Now you need the financial backing to make it happen. The SBA 7(a) Loan Program maybe the right small business loan for your business.
Use of Proceeds
- Working Capital Loans
- Machinery & Equipment Loans
- Inventory Loans
- Business Acquisition Loans
- Agricultural Loans
- Commercial Building Loans
Terms
- Up to 25 years for owner occupied real estate
- Up to 10 years for equipment or business acquisition
- Up to 10 years for permanent working capital
- All loans are fully amortizing
Interest Rates and Fees
- Interest rates are market competitive – floating rate or fixed rate. Fees are generally limited to the SBA guaranty fee and customary closing costs.
Loan Amounts
- Loan amounts up to $5,000,000
Eligible Businesses and Property Types
Most types of for-profit businesses are eligible. Commercial real estate must be partially occupied by the borrower and includes, but is not limited to, the following types of properties.
- Office Buildings
- Warehouses
- Industrial Buildings
- Manufacturing
- Child Care Facilities
- Car Wash
- Automotive Repair Shop
- Professional Buildings
- Hotels
- Gas Stations
- Restaurants
504 Loan Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.
Eligible Businesses and Property Types
Almost any type of for-profit business is eligible. Commercial real-estate must be partially occupied by borrower and includes, but is not limited to, the following types of properties:
- Commercial Real Estate (multi use and single use properties)
- Gas Stations (franchise only)
- Franchise Restaurants
- Auto Repair / Maintenance Facilities
- Limited Service Hotels (franchise only)
- Assisted Living Facilities
- Medical / Dental / Veterinary Offices
Terms
- Financing available on projects up to $14,000,000.
- BankFirst provides a first mortgage of up to 50% of the total loan-to-value.
- This loan can range from $250,000 to $7,000,000.
- The SBA, through a Certified Development Company (CDC) provides up to 40% loan-to-value in a second lien position. This loan can range from $250,000 to $5,000,000.
Interest Rates
- First Mortgage - up to 25-year term for real estate loan and up to 15-year term for equipment purchase with fixed and variable interest rates available.
- Second Mortgage - up to 25-year term for real estate and up to 15-year term for equipment purchase. Fixed rate is determined at SBA guaranteed 504 debenture sale.
Fees
- First Mortgage - fees are always market competitive.
- Second Mortgage - 2.75% + legal review fee. This fee is financed in the loan.
- Fees also include customary closing costs, construction loan fees (if applicable), and bridge fees.
Eligible Properties
- Most for-profit businesses are eligible for financing. Commercial real estate must be 51% or greater owner occupied.