SBA Lending

SBA provides a number of financial assistance programs for small businesses that have been specifically designed to meet key financing needs. It also allows owners of high-risk businesses to receive the capital they require to grow their businesses.

What Is The SBA Lending Program? 

The SBA lending program allows owners of high-risk businesses to receive the capital they require to grow their businesses. SBA lending also recognizes a broader assortment of resources that are not conventional and wouldn’t usually be qualified for collateralization.  

  • To be eligible for an SBA Loan the business must be: 

  • Owner-operated 

  • For-profit 

  • US-based business 

  • SBA Loans are accessible for: 

  • Agricultural firms 

  • Professional services; Doctors, Dentists, and Veterinarians 

  • General and trade construction companies 

  • Seasonal businesses 

  • Retailers 

  • Manufacturer

Types Of SBA Loans: 

  • The Purchase of an Existing Business or Franchise 

Businesses with a record of success are good applicants for an SBA loan. 

Collateralization necessities are typically less stringent than for conventional loans, and usually a lower down payment is necessary.  

SBA lending is beneficial not only to the seller but so to for the buyer because many businesses could not be sold under any other terms. 

  • Construction/Real Estate 

Could be used for the purchase or upgrade an existing business land site or house needed to activate an owner-occupied business.  

Also, can be used for new construction of a business facility, like a professional building, automotive shop, or freestanding location. 

Loan terms up to 25 years. 

  • Fixed Assets

For the purchase and use of capitalized assets that can be used as collateral for the loan. 

Loan term up to 20 years

  • Working Capital 

Need it for day-to-day cash flow like purchasing assets like such as, computers, office equipment and inventory loading. 

Loan term ranges from 0-10 years. 

Financial Benefits Of SBA Loans 

  • Less money down 

  • Longer payback Terms 

  • No balloon payment required 

  • Business start-up financing 

Loan Fees 

  • There are some additional costs for SBA loans, but they are almost 100% financeable in the package with other customary fees that would be out of pocket for any other type of loan.  

The Application Process

The Initial Interview –   

  • When the time comes that you decide your business needs a loan, you should call the SBA lending office at (888)259-9786 or send an email to SBALending@comerica.com.  

  • An  SBA lending officer with the specific experience needed, within one business day will be assigned to your business and will contact you by phone.  

  • Only a few banks have the experience needed for SBA lending, so it is key to save the most time and effort that you can in regards to obtaining the information needed for SBA procedures and regulations.  

Collecting Information 

  • Taking out financial and business data routine to running your business. 

  • Figuring out ways that the fund will help achieve success to your business goals. An experienced loan aid will allow time to listen to your objectives, understand how they will be achieved, and making it work by giving your information to the bank giving the loan and the SBA. 

SBA Loan Packaging and Submission  

SBA needs to go through a process for approval. After Comerica collects the information that is needed for internal bank approval, your loan is submitted for SBA approval.  

Closing the Loan 

Each loan has its own process for closing but it can be as simple as paying a visit to the bank or might be a little more complicated like a title-company closing.  

Avi Werde

Head Quarters , 231 Rogers Ave, Brooklyn, NY, 11225, United States

Avi started his business life at a very young age, which has allowed him to explore many industries. After finishing his studies as a music student he went on to other areas in the hospitality industry expanding his knowledge and experience to the point that he felt unsatisfied by the restraints and slow progressions of working for another leading him to create his company ECS (Event Connection Source). This brought Avi national and international attention as the world was to experience their first large scale Jewish wedding expo, opening doors that he has been yearning to open. He has since been involved with projects such as Concerts, Galas, Art Shows, Art installations, Fashion shows, managing event spaces, birthdays, product launches, corporate events, Festival management, parties, event marketing, PR, the works.