The SBA has become a more well-known program since its involvement with PPP at the height of COVID. Bobby White from First Colonial Community Bank in Limerick, Pennsylvania joined us on the show today to talk about what loans they have to offer, who they are for, and what’s involved in securing these loans.
An SBA offers two loans, the 7A, and the express, both of which certain percentages of the loans are guaranteed by the federal government. This allows banks to process loans they wouldn't ordinarily be able to do conventionally. SBA is strictly for small businesses, Bobby tells us all about the requirements that define a small business for this program.
7A loans can provide assistance with debt refinancing, equipment purchases, inventory purchases, and even commercial real estate. The Express loan is going to act more as a credit line for short-term, or long-term working capital. These loans are not going to have a balloon and the payment is going to be consistent and manageable for your business.
If you’re interested in using an SBA loan, it's important to know that more documentation is required. Bobby shares the documents needed, from business profit and loss statements to personal financial statements as well. Additionally, you need to know that not all banks work with the SBA program. To get started with SBA, know what assistance you’re looking for and check out the SBA website to match with a lender.
This has been another business lesson from Profit Points, we hope you found this helpful!
What’s Inside:
Mentioned In This Episode:
Bobby White
Assistant Vice President
210 Lake Drive East I Woodland Falls Corporate Park I Suite 300 I Cherry Hill, NJ 08002
Cell: (610) 850-1823
bwhite@1stcolonial.com
The SBA has become a more well-known program since its involvement with PPP at the height of COVID. Bobby White from First Colonial Community Bank in Limerick, Pennsylvania joined us on the show today to talk about what loans they have to offer, who they are for, and what’s involved in securing these loans.
An SBA offers two loans, the 7A, and the express, both of which certain percentages of the loans are guaranteed by the federal government. This allows banks to process loans they wouldn't ordinarily be able to do conventionally. SBA is strictly for small businesses, Bobby tells us all about the requirements that define a small business for this program.
7A loans can provide assistance with debt refinancing, equipment purchases, inventory purchases, and even commercial real estate. The Express loan is going to act more as a credit line for short-term, or long-term working capital. These loans are not going to have a balloon and the payment is going to be consistent and manageable for your business.
If you’re interested in using an SBA loan, it's important to know that more documentation is required. Bobby shares the documents needed, from business profit and loss statements to personal financial statements as well. Additionally, you need to know that not all banks work with the SBA program. To get started with SBA, know what assistance you’re looking for and check out the SBA website to match with a lender.
This has been another business lesson from Profit Points, we hope you found this helpful!
What’s Inside:
Mentioned In This Episode:
Bobby White
Assistant Vice President
210 Lake Drive East I Woodland Falls Corporate Park I Suite 300 I Cherry Hill, NJ 08002
Cell: (610) 850-1823
bwhite@1stcolonial.com