SBA

SBA 7(a) Loan Program

Small business doesn’t mean thinking small.

Paradise Bank specializes in providing long-term, permanent financing to small businesses through the Small Business Administration (SBA) guaranteed loan programs. We are proud to have been designated a preferred lender (PLP) by the SBA, meaning the approval process has been trusted to Paradise Bank. As a result, we are able to provide you with faster and more efficient processing of your SBA loan applications.

Eligibility:

  • Management must be experienced and of good character
  • Must be able to demonstrate the ability to repay the loan with cash flow from business operations
  • Must have adequate collateral

Type of Business:

  • Business must be for-profit
  • Business must be a "small business" as defined by SBA size standards

Loan Purpose/Use of Loan Proceeds:

  • Purchase an existing business – up to 80% financing
  • Expand an existing business – up to 90% financing
  • Equipment and machinery purchase – up to 100% financing
  • Inventory purchase
  • Tenant improvements
  • Working capital
  • Start a franchise or new business – up to 80% financing

Eligible Properties:

  • Office buildings, office condos, medical offices, rehab centers.
  • Warehouse property
  • Hotels
  • Car Washes
  • Gas Stations
  • Assisted Living Facilities/child care centers

Loan Amounts and Terms:

  • Up to $5,000,000 Loan Repayment Terms
  • Up to 25 years for purchase of owner-occupied business properties
  • Up to 10 years to purchase a business, partner buy out, purchase fixed assets, or working capital

Advantages of an SBA 7(a) Loan:

  • Lower down-payment
  • Longer terms - up to 25-years
  • Longer amortization which means more affordable monthly payments
  • More flexible underwriting
  • All 7(a) loans are fully amortized with no balloons or call dates

Click here to download an application.

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Member FDIC | Equal Housing Lender