When you’re ready to grow your business, Small Business Administration (SBA) loans offer fast, flexible financing options with favorable terms. As one of the top ten SBA lenders in Minnesota, Bremer Bank is here to help you navigate the loan process.
Whether your business is a startup or well established, Bremer Bank offers a variety of SBA loan options to help finance your next step. SBA loans are guaranteed by the government and offer advantages such as lower down payments and flexible repayment terms. As an SBA Preferred Lender, we have the experience to guide you through the process to find financing that works for you. All of our credit decisions are made locally, so you can expect personalized service and fast processing.
Several financing options are available for businesses that qualify under SBA guidelines. The funds can be used for purchasing or refinancing equipment and real estate, inventory, working capital or other business needs.
Enjoy a wide range of uses
The SBA’s flagship program, a 7(a) loan can be used to achieve short and long term financing goals. This program is preferred by many business owners for its lower cash requirements and longer amortizations.
The 7(a) loan may be used for a wide variety of purposes, including:
OWNER-OCCUPIED REAL ESTATE AND PURCHASE, REFINANCE AND CONSTRUCTION
Maximum loan size up to $5 million. SBA loan guarantee of $3.75 million.
The SBA 7(a) program offers terms up to 10 years. If combined with real estate, this may be up to 25 years.
The SBA 7(a) Commercial Real Estate Loan offers terms up to 25 years.
Fixed rate option available, or variable rates based on The Wall Street Journal Prime Rate.
Bolster working capital
Ideal for new and existing small businesses seeking to bolster their working capital.
The SBA Express Line of Credit may be used for:
Maximum of $350,000.
This is a 5-year revolving line of credit. At the end of 5 years, the balance becomes a loan with a 5-year term.
Variable rates based on The Wall Street Journal Prime Rate.
Grow or expand your business
The 504 program is often used when a business anticipates creating new jobs as a result of the project financed. It’s also often a good fit for businesses who are looking to acquire fixed assets such as land, building or equipment.
A 504 loan offers financing through Bremer Bank (50%) and a Certified Development Company (40%), with 10% required of the borrower.
The SBA 504 Loan may be used for:
BUILDING PURCHASE, CONSTRUCTION OR RENOVATION
LONG-TERM MACHINERY AND EQUIPMENT
Loan amounts range from $150,000 to $15 million.
Up to 25 years.
A negotiated fixed or variable rate through Bremer Bank. SBA offers a below-market fixed-interest payment.