Park Bank Small Business
More About Park Bank SBA Loans
Park Bank means Business. That's why we specialize in SBA lending and services specifically designed to be business-friendly.
SBA (Small Business Adminstration) loans offer many benefits:
As an SBA lender, Park Bank is able to make business loans to “start-up” and existing businesses.
SBA loans are longer in term than other bank business loans, helping the cash flow of the business by keeping the monthly payment lower.
Up to 25 years on real estate
7-10 years on equipment
7-10 years on working capital
SBA loans combine the use of proceeds of many purposes into one loan resulting in one monthly payment.
The SBA encourages women, minorities and veterans to apply. Ask us about specific loan options that you may qualify for.
Other information about Park Bank’s SBA loan programs:
- The maximum SBA Guaranteed Loan is $5,000,000.00.
- The minimum Park Bank SBA Loan is approximately $50,000.00.
(Commercial loans and other options are available for loans under $50,000. Ask us for more details.)
- SBA loans can be made to "start up" or to existing businesses.
- The average, normal processing time for SBA Guaranteed Loans is 30 to 60 days.
- The normal interest rate on SBA Guaranteed Loans is a variable rate tied to the national Prime Rate. The rate is currently Prime + 2.75%.
- For start up businesses and businesses being purchased, the borrowers normally need to make a down payment of 10% to 20% of the total project cost injected into the business in the form of cash or equipment.
- SBA Guaranteed Loans can be used to purchase real estate, inventory, equipment, for working capital, for the refinance of existing non-SBA debt, or for a variety of other purposes.
- You do NOT have to be turned down by a bank before you can qualify for an SBA Guaranteed Loan.
- An SBA loan must be for business purposes and not investment purposes.
- For more information on SBA and other business loans, plus details on our many business-friendly services, contact Park Bank today!
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