Does a SBA loan take longer than a conventional loan?Typically not. Your most active SBA lenders have a preferred lending status, which grants them the authority to grant the SBA approval ?in house?. |
Is a SBA loan more expensive than a conventional loan?The SBA does charge a fee for the loan guarantee however this fee is built into the loan as well as most of the loan closing costs. The SBA fee ranges from 2.00% to 3.5% of the loan amount. The guaranty fee, along with any administrative fee, is paid when |
What can SBA loan proceeds be used for?This depends on the loan program. The 504 program only allows loan proceeds to be used for the purchase or construction of real estate or other fixed assets. Loan proceeds under the 7a program can generally be used for most any business purchase. |
If I am eligible for both a 504 and 7a loan, which one should I choose?There are numerous factors that must be analyzed before this determination can be made, as the repayment period and prepayment penalty differ. |
What would disqualify me from obtaining a SBA loan?Listed below are the most common reasons why a borrower is ineligible for a SBA loan:
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How do I apply for a SBA loan with Griffin Capital Funding?By clicking HERE with your mouse you will be directed to our quick application page which will as you a few questions about you and your business. After which, one of your loan officers will contact you to discuss your options. |
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