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Definition of Small Business:
- Normal "for profit" corporation
- Independent ownership and operation
- Maximum employment:
- 500 or less employees for a manufacturing firm
- 100 or less employees for a wholesale business
- Retail or service company limited to maximum $5 million in sales.
SBA loan programs
| SBA 7(a) Program: |
- Funds can be used for:
- Real estate (including construction) Up to 90% loan to value
for eligible applicants
- Expansion / Renovation
- Equipment Needs
- Working Capital
- Support Inventory.
- SBA Low Doc Program can be used for projects of up to $100,000
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504 Debenture Program:
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- Long term fixed rate financing for up to 20 years
- Can be used for land and building purchases, expansion or remodeling,
machinery and equipment purchases, leasehold improvements, and
leveraged buyout
- Only 10%-20% downpayment requirement.
- Eligibility for 504
- Employment requirements depending on the project
- Owner must occupy at least 51% of the facility.
- Funds can be used for:
- Construction / Renovation including equipment
- Fixed asset financing.
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Visit the SBA Web site at: www.sba.gov.
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