FINANCING

SBA LOW DOC

SBA Low Documentation Loan

United States Small Business Administration's mission is to maintain and strengthen the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.

SBA Low Documentation Loan Program

Loan Amount	$150,000 maximum
Use of Proceeds	Working capital or fixed assets
Term of Loan	Typically 5-10 years. May be up to 25 years for fixed-asset loans
Rate of Interest	2.75% over New York prime if more than 7 years, and 2.25% if under 7 years. Rates are fixed or variable. For smaller loans under the Express lending program, rates can go 6.5% up to $50,000 and 4.5% on loans over $50,000
Guarantees	Up to 85% for loan up to $150,000
Down Payment (Equity)	Required is 20-30%
How Long Does it Take	36 hours
Collateral	Borrower must pledge available business and personally owned assets
Personal Guarantees	Required
Eligible Businesses	Any small business, organized for profit, defined by SBA, with exceptions
Ineligible Businesses	Those not meeting SBA requirements
Job Creation Criteria	None
Fees	1% off guaranteed portion of the loan
Contact	Mark Lautenschlager US Small Bus. Admin. 100 N 6th Street 610 C Butler Square MPLS (612) 370-2324

For more information on this program, contact BLADC or visit the SBA’s web site.

Brainerd Lakes Area Development Corporation

Minnesota

888-322-5232 or 218-828-0096

email us

Site Map | Privacy Page