Small Business Loans

A Fast, Smart Solution for Obtaining Working Capital
for Your Small Business

The Speedy Advance Small Business Loan Program offers a fast and smart alternative to a traditional bank small business loan by providing:

• Streamlined application process with minimal paperwork
• Reduced documentation requirements
• Fair and affordable repayment terms and fees
• A commitment to provide a loan decision within 3 business days of receiving a completed application (subject to our ability to speak with all necessary references)
• Assessment of credit history and historical cash flows from business performance to support approval for a loan
• Higher approval rates than bank loans
• Easy renewal terms

It is more difficult than ever for businesses to get the working capital they need and in many instances, a traditional bank loan does not meet the needs of the merchant, mainly immediacy of funding. Speedy Advance has a proven track record for providing small businesses with the working capital they need to grow and succeed in today's economy. Our focus on a business's historical cash flow and performance provides us with much more flexibility in our lending standards. Our goal is to fill the void in available working capital solutions for small business owners that have resulted from the tightening credit markets.

SBA is committed to expanding access to capital for small businesses and entrepreneurs in underserved communities so that we can drive economic growth and job creation. In line with that, SBA is adding two new initiatives that are aimed at increasing the number of loans in these communities.

SBA and U.S. Department of Commerce studies have shown the importance of lower dollar loans to small business formation and growth in underserved communities. With that in mind and building on the agency’s "Advantage" platform, both Small Loan Advantage and Community Advantage will offer a streamlined application process for SBA 7(a) loans up to $500,000.

Small Loan Advantage

• Small Loan Advantage is structured to encourage larger, existing SBA lenders to make lower-dollar loans, which often benefit businesses in underserved markets.
• Maximum Loan Size: $500,000
• Guarantee: 80% for loans up to $150,000 and 70% for those greater than $250,000.
• Approval Times: Small Loan Advantage loans submitted electronically through e-Tran will be approved within minutes. Other applications will be approved within one business day.\
• Paperwork: Small Loan Advantage features streamlined paperwork, with a two-page application for borrowers.
• Lender Requirements: Small Loan Advantage is open to banks participating in SBA’s Preferred Lender Program (PLP).
• Time Frame: Small Loan Advantage Program will be implemented on or before March 15, 2011.

 

Community Advantage

• Community Advantage is a pilot initiative aimed at increasing the number of SBA 7(a) lenders who reach underserved communities, targeting mission-focused financial institutions which were previously not able to offer SBA loans.
• Maximum Loan Size: $100,000
• Guarantee: 80% for loans up to $250,000 and 70% for those greater than $500,000.
• Approval Times: Most Community Advantage loans will be approved within 7 - 10 business days.
• Paperwork: Community Advantage features streamlined paperwork, with a two page application for borrowers.
• Lender Requirements: Community Advantage is open to mission-focused lenders, including some Community Development Financial Institutions, non-profit Certified Development Companies and SBA-approved micro-lending intermediaries. Community Advantage lenders will be expected to maintain at least 60 % of their SBA loan portfolio in underserved markets.
• Time Frame: Community Advantage is a three-year pilot initiative. SBA will begin taking applications from mission-focused lenders interested in Community Advantage now before is too late,  loan applications accepted right now.

SBA’s Preferred Lender Program.

• SBA’s Preferred Lender Program (PLP) includes many of the nation’s largest lenders.
• Preferred lenders can use a streamlined paperwork process with delegated authority to approve loans, which expedites the loan approval process for small business owners and allows more autonomy for lenders.
• Lending through the new Small Loan Advantage initiative is open to all of SBA’s PLP lenders for 7(a) loans of up to $750,000 with the regular 7(a) government guarantee.

Mission-Focused Lenders

• The Community Advantage pilot loan program will allow mission-focused lenders to make SBA 7(a) loans of up to $750,000 with the regular 7(a) government guarantee.
• Mission-focused lenders include some Community Development Financial Institutions, non-profit Certified Development Companies and SBA-approved micro-lending intermediaries.
• Community Advantage leverages the experience these institutions already have in lending in economically-challenged markets, along with their management and technical assistance expertise, to help make their borrowers successful. Borrowers are encouraged to develop a business plan utilizing their mission focused lenders’ technical assistance network; which may include SCORE and the SBDCs.
• Community Advantage lenders will be expected to maintain at least 60% of their SBA loan portfolio in underserved markets, including loans to small businesses in or that have more than 50% of their workforce residing in low-to-moderate income (LMI) communities; in Empowerment Zones and Enterprise Communities; in HUBZones; start-ups (firms in business less than 2 years); and veteran-owned businesses and those that would be eligible for Patriot Express.
• Following an initial evaluation period, mission-focused lenders participating in the Community Advantage pilot will be eligible to make loans under delegated authority.

Apply now

                                              SBA 500 & 504 Loans

Financing Purpose:
Commercial Real Estate Financing for acquisitions, partnership buyouts, or refinance of short term debt which are on unreasonable terms (Balloons, HELOC, I/O etc.).

Property Types:
All commercial property types

Loan Amount:
Up to $15,000,000 1st Position Loan (Lender Loan): Up to $10,000,000 – First mortgage loan which is typically 50% of the total project costs, but can go as high as 75% of the total project.  2nd Position Loan (CDC Loan): Up to $2,000,000 – Second mortgage loan which is typically 40% of the total project costs, but may be less pending the size of the 1st position mortgage. This loan may be higher, should the project, industry or borrower meet specific qualifications.

Interest Rate:
Variable and Fixed rates (2, 5 & 10 year) are available.

Mortgage Term:
25 years

Amortization:
Normally, a 30 year self amortizing loan

Prepayment Penalty:
Declining Scale options available

Collateral:
Some lenders Loan: First mortgage on business real estate.
CDC Loan: Second mortgage on business real estate.

LTV:
Up to 90%

Apply now

 

                                       SBA 7(a) Real Estate Loans

Financing Purpose:
Commercial Real Estate Financing for acquisitions, partnership buyouts, or refinance of short term debt which are on unreasonable terms (Balloons, HELOC, I/O etc.).

Property Types:
All commercial property types

Loan Amount:
Up to $2,500,000.  Up to $4,000,000 using a pare-passu execution, which many other banks, lenders and financial institutions are not offering.

Interest Rate:
Variable rates that adjust quarterly and maintain a pre-determined spread over the Prime rate.

Mortgage Term:
Up to 30 years

Amortization:
Normally, a 30 year self amortizing loan

Prepayment Penalty:
5%, 3%, 1%

Collateral:
First mortgage on business real estate.

LTV: 
Up to 90%

                                                Apply now

 

SBA 7(a) Non-Real Estate Loans

Financing Purpose: 
Commercial Real Estate Financing for acquisitions, partnership buyouts, or refinance of short term debt which are on unreasonable terms (Balloons, HELOC, I/O etc.).

Property Types:
All commercial property types

Loan Amount:
Up to $2,500,000.  Up to $4,000,000 using a pare-passu execution, which many other banks, lenders and financial institutions are not offering.

Interest Rate:
Variable rates that adjust quarterly and maintain a pre-determined spread over the Prime rate.

Mortgage Term:
Up to 10 years

Amortization:
Normally, a 10 year self amortizing loan

Prepayment Penalty:
No prepayment penalty

Collateral:
Any collateral the borrower owns that has equity in it will be held as security for this loan transaction.

LTV:
Up to 90%

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