Buy, Build & Expand with an SBA Loan
Tailored solutions built for your business
The ConnectOne Difference
Acquisition & Expansions
Real Estate & Construction
Partner Buy-Out
Working Capital
Debt Refinancing
Types of Loans We Offer
Getting you to the solution that works for your business.
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SBA 7(a) Loan
Used for commercial real estate purchases, renovations, new construction, leasehold improvements, business acquisitions, partner buy-outs, business expansions, equipment purchases, franchise financing, debt refinance and working capital.
SBA 504 Loan
An Economic Development loan used to purchase an owner occupied commercial building with as little as a 10% down payment. The loan proceeds may be used to purchase or remodel an existing building or to construct a new facility.
Benefits of the SBA
SBA loans have great advantages over conventional loans, including longer repayment terms, which means lower monthly payments.
The ConnectOne Bank SBA product suite offers several advantages that traditional bank financing normally cannot offer, including:
- Lower Down Payments: As little as 10% equity injection of the project cost required for a business acquisition or commercial
real estate purchase - Longer Fully Amortizing Loan Terms: No Balloon Payments (25 years for Real Estate, 10 years for
most other use of proceeds including for Business Acquisition and Working capital) - No prepayment penalty or limited 3 Year prepayment penalty schedule on commercial real
estate - SBA loans don't always require full collateralization
- Flexible use of loan funds which can include multiple uses of proceeds in one loan
Frequently Asked Questions
SBA Lending is a partnership between the US Small Business Administration and certain banks to enable small businesses to access the capital they need to grow and succeed.
- Loan request amount and detailed allocation of funds
- Year-to-date profit and loss (P&L) statement and balance sheet
- Projected financials (one to three years)
- Business tax returns (last two years)
- Personal tax returns (last two years)
- Personal financial statement
- Owner resumes
- If you are a startup with previous business experience
- If you are a for-profit business (with time in business above 2 years)
- If the business owner's personal credit score is good
- The business must be U.S. based and owned by U.S. citizen or Lawful
- Permanent resident who is at least 21 years old
- If there are no outstanding tax liens
- No bankruptcies or foreclosures in the past 3 years
- No recent charge-offs or settlements
- Current on government-related loans
The benefits of an SBA-guaranteed loan are:
- SBA loans can have great advantages over conventional loans, including longer repayment terms which means lower monthly payments and lower down payments which makes upfront costs more affordable.
- Minimum down payment for real estate is 10% and all other loans are 20%.
All loans subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options are subject to program terms. Refinances of existing SBA loans are excluded.
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