First Bank of Owasso

Business

SBA

First Bank of Owasso is an approved lender through the U.S Small Business Administration (SBA) for both the SBA 7(a) and SBA 504 loan programs. Both are excellent programs that assist clients in obtaining financing for a number of purposes.

SBA 7(a)

The 7(a) program is the most common SBA loan program. It is designed to assist in establishing and growing small businesses providing guarantees on loans made by the lender.

We utilize the 7(a) program when a financing project may not quite meet typical underwriting guidelines. This is often a good option for start-up/new businesses or for those that may involve limited or specialized collateral.

The program supports a variety of loan purposes, including:

For real estate secured loans, the property should be primarily owner occupied. The maximum loan amount is set at $2,000,000 by the SBA. Most small businesses and purposes are eligible.

To obtain an SBA loan, simply provide us with the typical financial statements and related information obtained on a commercial loan. We will prepare the necessary SBA forms, and will work directly with the SBA on your behalf. We act as your single point of contact.

SBA 504

For borrowers that are looking for a loan with lower down payment requirements, or are interested in a portion of the financing being set at a low fixed rate, the 504 program may be an option for you.

Like the 7(a) program, the 504 program can be used for a variety of needs, including:

The program is designed by SBA to promote job growth through the growth of a business.

The 504 program is structured to allow for up to 90% financing of the project cost. Special use properties or new businesses may involve additional equity injection. As a further benefit to the borrower, up to 40% of the project cost is set at below market fixed interest rate for 10 years on equipment and 20 years on real estate. The low equity injection requirement and the low long-term fixed rates make this a very attractive option for financing to most clients.

To learn more about the SBA loan programs and how they can benefit your business, please see one of our commercial lenders today, or complete a Business Loan Referral Information form.

 
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