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SBA Loans
Georgia’s Own is an approved Small Business Administration (SBA) lender and is dedicated to helping small businesses grow. As an SBA lender, we can help you navigate the SBA borrowing process and determine what makes the most sense for your business.
SBA 7(a) Loan Program
The SBA 7(a) program allows borrowers to obtain long-term operating capital at a reasonable cost.
Features include:
- Longer Terms – Typically 10 years on most uses of proceeds and up to 25 years on owner-occupied commercial real estate
- Fully Amortizing – No balloon payment at end of term or annual renewal requirement
- Low Collateral Coverage Requirement – Potential for lower collateralization
- Minimal Financial Requirements – Potential for minimal or no financial covenants
- No Prepayment Penalties – For loans shorter than 15 years
Guarantor
- Acceptable personal credit score
- No previous government defaults
- US citizen or legal permanent resident
- Less than $5MM in outstanding SBA loan
Borrower
- For-profit business
- U.S. based
- Less than $5MM in after-tax net income
- Less than $15MM in tangible net worth
Industry
- Active business
- No non-owner occupied real estate
- No lenders, religious affiliation, or private clubs
Structure
- 25-year term for real estate
- 10-year term for all other uses
- Fully amortizing
- Full personal guarantee of all 20%+ owners
Use of Proceeds
- Working capital
- Business acquisition
- Real estate and equipment purchase
- Debt refinance
SBA 504 Loan
The SBA 504 Loan program provides the benefits of a long-term fixed rate and only 10% down. This is advantageous for a small business who is acquiring or constructing owner-occupied real estate.
The 504 program is available to finance land, building, and equipment for businesses occupying the property. The typical 504 loan structure works where a credit union funds 50% of a project in a first mortgage position, SBA funds 40% in a low, 20-year, fixed-rate second mortgage, and the business puts down 10% (a higher down payment is required for businesses in existence for less than two years or limited-use facilities).
Get Started
To inquire about a commercial mortgage, please give a Commercial Expert a call at 800.533.2062, ext. 3844, fill out this form, or visit any of our branch locations.
Ask an Expert
Related Links:
• Commercial Mortgages
• Commercial Vehicle Loans
• Commercial Lines of Credit
• Commercial Term Loans
• Business Checking
• Business Savings/Money Markets/CDs
• Treasury Management Solutions
• Business Banking – Watch this short video
*Business products and services are subject to approval. Restrictions apply.
Points:
A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000 to the lender. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.
Annual Percentage Rate (APR):
A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
Loan Assumptions and Disclosures
These sample rates are published weekdays at 10:00am EST.
The information provided is general and assumes only the following scenario:
- Purpose of the loan: Purchase a property.
- Property location: Atlanta, GA 30303
- Property Type: Existing single family home
- Property Use: Primary residence
- Estimated property value: $200,000
- Estimated down-payment: $40,000
- Loan amount: $160,000 (80% Loan to Value)
- Credit Score: 740
- Escrow (impound) account is required.
- Rate lock period is 45 days.
- Fees: $3000 to estimate closing costs in order to approximate an APR.
Georgia's Own Credit Union Loan Options
Mortgage Type:
5/5 ARM
Advantages:
- Interest rate stays fixed for first 5 years. Adjusts every 5 years thereafter.
Best Choice If:
- The benefits of both a Fixed and ARM product.
Disadvantages:
- Interest rate and monthly payments will adjust in the future.
- Interest rate can rise above the current fixed rates over time.
ARM Features:
- Fixed for 1st 5 years, adjusts every 5 years after.
Georgia's Own Credit Union Loan Options
Mortgage Type:
30-Year Fixed
Advantages:
- Level principal and interest payments for the full term of the loan.
- Allows for higher loan amount qualification and enhanced buying power.
- No risk that changing market conditions will increase your monthly payments.
Best Choice If:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
Disadvantages:
- Benefits of the fixed rate are not realized until after the 10th year. (10/1 ARM is a better option if loan is paid-off within 10 years.)
Georgia's Own Credit Union Loan Options
Mortgage Type:
15-Year Fixed
Advantages:
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- The loan balance will decrease more rapidly than a 30 Year mortgage.
Best Choice If:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
- You would like to pay-off the loan balance quickly.
Disadvantages:
- Monthly payments are higher than a 30-year mortgage
Sample Payment:
- Please click on the P&I link at