Small Business Administration (SBA) Loans
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Small business is America's most powerful engine of opportunity and economic growth. That's where SBA comes in. SBA offers a variety of programs and support services to help individuals open or expand their business. Since its founding on July 30, 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance for banks to work with small businesses.
If you're planning to start a business or expand an existing business, you might need financing help. SBA participates in a number of loan programs designed for business owners who may have trouble qualifying for a traditional bank loan.
To start the process, you should stop by and visit Haddon Savings Bank. We will work to set an SBA loan application structured to meet SBA requirements, so that the loan is eligible for an SBA guarantee.
We recognize, in the wake of the financial crisis, the needs of our community. We look to work in our communities and assist small businesses to help reinvigorate local economies.
SBA lending offers a wide range of products and is intended to assist business owners and increase the profitability of small-businesses. Having a focus on Small Business Administration (SBA) lending requires specialized expertise. It is important to understand the SBA guaranty, while an attractive feature and helps benefit our local businesses, it is conditional. The ability to obtain the guaranty is subject to specific rules requiring considerable documentation. With our lending partnership we retain added commercial loan experience. Having that extra knowledge puts us in a better position to help secure opportunities for our customers.
SupplierPay: A New Strategy to Drive Small Business Growth
SBA Administrator Maria Contreras-Sweet joined President Obama at the White House to announce the launch of SupplierPay. It’s a new project dedicated to giving America’s entrepreneurs access to affordable, consistent working capital. It’s about paying them on time and keeping their interest rates low, so they can invest in new equipment, new products and new people.
The Small Business Payments Toolkit educates small businesses and their advisors on the benefits of using electronic payment types such as Automated Clearing House credits and debits, wire transfers, and credit and debit cards instead of checks. It offers tips on working with bankers to improve payments processes and explains how to get started making and receiving electronic payments. The newly updated Toolkit provides practical fraud prevention and mitigation tips including education and training for employees to avoid payments fraud.
SBA 7a Loans
Businesses looking to borrow an amount up to $5 million, with a choice of either fixed or variable rate financing. This flexible SBA loan type is most frequently recommended by SBA lenders because it can be used for a wide variety of loan purposes.
- Eligible Business - For Profit
- Eligible Criteria - Sales and Employee Limits by Industry
- Available Terms - up to 25 Years
SBA 504 Loans
Businesses that require long-term fixed or variable rate financing for major fixed asset purchases such as land, building, major renovations, specialized equipment or new construction.
- Eligible Business - For Profit
- Eligible Criteria - Net Worth < $15 million;
NIAT < $5.0 million
- Available Terms - up to 20 Years
At Haddon Savings, we'll help you choose from one of the various business financing solutions available and supported by Small Business Administration so you, your business and customers may have the opportunity to take advantage of favorable and flexible terms and competitive loan rates.
Call us today at 856-547-3700 to discus the SBA Financing Needs for your business.
Other SBA Activities
SBA Exporting Resources
Small businesses looking to increase sales and profit are taking their businesses global. SBA provides counseling, training and financing to support small business export opportunities. Get started
Whether you are getting started or looking to grow SBA offers a number of loan programs specifically designed to help develop or expand export activities. Learn about loan programs
>> Free Trade Agreements: What You Should Know for Your Small Business Exports