We are experts at making the SBA process smooth ‒ just ask any of our satisfied Honor Bank business loan clients. SBA loans can be a headache when you don’t have the right banking partner, which is why our business lenders make a point of simplifying the process and turning around your loan application as quickly as possible.
Ready to apply now?
Wondering if an SBA loan is right for you?
SBA loans are backed by the Small Business Administration and known for their low interest rates, making them one of the best ways to fund a small business. That said, they do require more paperwork than traditional business loans, so it’s smart to know how likely you are to qualify before you start the process. Don’t worry – our team can help you determine your eligibility!
We offer the following SBA loan types:
7(a) Loan Program
The 7A loan program offers financial help to borrowers where a traditional bank loan is not available. The loan proceeds may be used to establish a new business or to assist in the acquisition, operation, or expansion of an existing business.
504 Loan Program
The SBA 504 Loan program is a powerful economic development loan program that offers small businesses another avenue for business financing at below market rates. The 504 Loan Program is designed to provide financing for the purchase of fixed assets; typically real estate, buildings and machinery.
Compare SBA Financing Programs
|Loan Type||7a – Non-Building||7a – Real Estate 504 Program||504 Program|
|Best For||Inventory Purchase|
Equipment and Machinery Purchase
Accounts Receivable Financing
Acquisition of New Business
Expansion of Business needs
|Real Estate||Owner Occupied Real Estate|
Large Equipment Purchases
|Loam Amount||$50,000 – Several million||$50,000 – Several million|
$50,000 – Several million
|Loan Term||Up to 10 years||20 year term with up to a 25 year amortization||20 year term with up to a 25 year amortization|