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SBA 7(a) Term Loan

A flexible loan program for SBA qualified businesses

The SBA 7(a) Term Loan is a flexible program ideal for a wide range of new and existing businesses qualifying under SBA guidelines. This program may be used to purchase a business, land, buildings, machinery and equipment, or inventory, or for working capital.

Ideal for New and existing small businesses
Qualification Guidelines Qualify per SBA guidelines
Use of Proceeds Land, buildings, machinery, equipment, inventory, working capital, business purchase
Loan Size SBA loan guarantee $3.75 million or less; loan ceiling of $5 million
Financing Detail Financing through Bremer, with SBA guaranteeing 75%-85% of loan depending on amount
Collateral Business assets and/or mortgage on real estate
Underwriting Requirements Personal guaranty by all owners of 20% or more; adequate business or personal collateral; hazard insurance
Loan Terms Terms vary based on loan use:
  • Working capital: up to 10 years
  • Equipment: up to 10 years of useful life
  • Real Estate: up to 25 years
Interest Rates Fixed rate option, or variable rates based on Wall Street Journal Prime Rate
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