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SBA & USDA Loans

SBA Preferred Lender

Central Bank is approved to offer SBA loan products under SBA’s Preferred Lender Program (PLP). PLP is SBA’s highest designation to the most qualified SBA lenders. We offer creative SBA and USDA financing solutions throughout the State of FL. If you’d like additional information on obtaining an SBA or USDA loan from Central Bank, please contact one of the below loan officers:

David Newton, SVP SBA/USDA-Florida  @727.254.0891 or email dnewton@centralbankfl.com
Chris Tomlinson, SVP SBA/USDA- NE Florida  @904-328-9622 or email ctomlinson@centralbankfl.com

Fast Facts on SBA vs USDA Loan Guarantee Programs

 

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