SBA Lending Solution
SBA Lending Solutions
Bank of the Orient understands that a business needs readily available capital to grow and be competitive. When your business needs financing for new equipment, working capital or to purchase a commercial building, consider an SBA Loan with Bank of the Orient. We are deeply committed to providing an exceptional level of service through fast, in-house decision making.
Small Business Administration Loan Options
The Small Business Administration (SBA) does not make direct loans to small businesses. Rather, SBA sets the guidelines for loans, which are then made by partners like Bank of the Orient. So when a business applies for an SBA loan, it is actually applying for a commercial loan, structured according to SBA requirements with an SBA guaranty.
If you are approved for a 7(a) loan, the loan proceeds may be used to establish a new business or to assist in the acquisition, operation, or expansion of an existing business. Some eligible uses of a 7(a) loan include: commercial real estate acquisition, new construction or facility expansion, equipment purchase, long or short term working capital, and purchase of an existing business.
The 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. These loans are typically structured so that the borrower's obligation is only 10% of the project costs, though under certain circumstances a borrower may be obligated to up to 20%.
What you need to get started
- Proof of past and future earnings
- A personal and business credit history
- A clearly defined business plan
- A completed loan application