Loans tailored to your business needs
SBA loans are backed by the United States government with a guarantee that they will repay a certain amount to the lender should a business default on the loan. This guarantee reduces the risk for lenders, making it easier for your business to obtain a loan. There are multiple loan options in the SBA program that can be used for many different purposes. Not sure which one’s right for you? Our Small Business Lending team can help you determine the best route for your business goals.
Types of SBA loans:
SBA 7(A) Loan Program
- Can be used for almost any business purpose, including buying a business, expanding a business, acquiring equipment or real estate, refinancing debt, or obtaining working capital
- Offers term loan amounts up to $5 million
- Allows for longer repayment terms and less money down
- Available for both startups and more established small businesses
SBA 504 Loan Program
- Can be used to buy or build owner-occupied commercial real estate, property renovation, equipment acquisition, or debt refinancing
- Offers term loan amounts up to $14 million
- Requires less money down with competitive interest rates
- Available only for for-profit businesses
SBA Express Loan Program
- Can be used for smaller real estate purchases, business acquisitions, equipment purchase, or working capital
- Offers term loan amounts up to $350,000
- Has a faster application process and flexible loan terms
- Allows for negotiable interest rates
The United States Department of Agriculture (USDA) Business & Industry Guaranteed Loan Program is intended to improve, develop, or finance business, industry, and employment to improve the economic and environment climate in rural communities. Sound Bank has a team of lenders who are experts in B&I (Business and Industry) lending and can assist you in determining if your business qualifies.
Have questions? Contact one of our lending experts today to discuss your business needs.