| |
SBA 7a |
USDA Rural Development |
LOAN AMOUNTS |
$5 Million maximum |
$10 Million maximum (generally)
|
GUARANTEES |
75% |
80% on loan amounts under $5 Millio
70% on loans between $5 - $10 Million
|
LOAN TERM |
*25 years for real estate
*15 years or useful life of equipment
*7 or 10 years for working capital |
*30 years for real estate
*15 years or useful life of equipment
*7 or 10 years for working capital
|
PROPERTY TYPE |
Owner occupied commercial property |
Owner occupied OR investment property
|
INTEREST RATE |
Variable |
Fixed or Variable
|
PREPAYMENT PENALTY |
5%-3%-1% for loan terms over 15 yrs.
|
Negotiated between parties |
LOCATION RESTRICTIONS |
None |
Must be located in "rural" location outside of metropolitan areas
|
LENDER'S LOAN FEES |
None |
Negotiated between parties |
