SBA Loans New York
At Flushing Bank, we know how business works and what it takes to succeed. That's why we provide SBA loans for your New York business along with a wide range of financial tools to help you reach your business goals. For many years, we have been providing small business loans and other financing solutions to get businesses off to a solid start and grow. With a Flushing Bank SBA Loan, you can:
- Purchase or refinance owner-occupied real estate
- Expand your business
- Acquire a new business or franchise
- Purchase inventory, machinery or equipment
- Refinance debt
- Attain working capital
The Flushing Bank SBA Business Loan Difference
As a Preferred SBA Lender, we can provide business owners with long-term, low-rate and low down payment financing on their SBA loans. And that's just the beginning of the benefits. Your Flushing Bank SBA loan offers you the following:
- Fast application and decision-making process to provide you with a quick pre-approval
- Long-term financing
- Low fixed and variable interest rates
- Flexible terms
SBA Business Loan Programs Available
- Lines of Credit or Term Loans
- Starting at $50,000 up to $150,000
- Terms one to seven years
- Fixed or variable rates
Flushing Bank's SBA 7a Loan Program
The SBA 7a Loan Program is an excellent resource for helping you achieve your goals. A Business Banker can help you meet all the eligibility requirements and guide you through the application process. The factors taken into consideration for a 7a Business Loan include size, type of business and use of proceeds.
The general terms and conditions of a 7a loan include:
- Maximum loan amount depends upon the industry
- Maturity depends upon ability to repay and use of proceeds
- Variable interest rates at an index set above the prime rate
- SBA fees may apply when applicable
Purpose can be for expansion/renovation, purchase of fixed assets and/or owner occupied real estate, leasehold improvements, debt refinancing and working capital.
SBA 504 Loan Program
The SBA 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as owner occupied commercial real estate. Flushing Bank partners with a local Certified Development Company to provide up to 90% financing. A CDC is a nonprofit corporation set up to contribute to the economic development of the community.
Under the 504 Program, the bank finances 50% of the project (acquisition plus allowable soft costs), secured by a first mortgage on the property. The CDC provides 40% of the project costs secured by a second mortgage. The borrower provides a 10% down payment.
- Maximum amount ranges from $1,500,000 to $4,000,000 depending upon project
- Terms are 10 to 20 years
- Rates can be fixed or variable
- Certain fees apply
Let us help you improve your business with an SBA loan or owner occupied commercial mortgage. Call us at 718-512-2773 to speak to a Business Banker or fill out the contact form and discover the benefits of an SBA loan from Flushing Bank.
Loans are subject to credit approval.
