SBA Loan Programs
- Up to 25 year terms, with no balloon payments
- Fixed or variable interest rates up to 25 years
- As little as 10% down payment on commercial real estate
- Loan closing costs may be financed
- The business must operate for-profit
- The business must operate in the United States or its possessions
- The business must show that the loan can be repaid from existing or projected cash flow.
Our New Millennium Bank SBA loan team members are ready to help you with a lending solution that is tailored just for you.
SBA 504 Certified Development Company Loan Program
Long-term, fixed-rate financing for a fixed asset. SBA 504 loans are the flexible way to finance a long-term building or equipment acquisition project of $500,000 to $10 million. Businesses can often buy property with a lower down payment and repay the loan over terms as long as 25 years.
For more information on 504 loans, click here.
SBA 7(a) Loan Guaranty Program
The most widely used SBA loan.
SBA 7(a) loans are often used for working capital, business expansion or acquisition, and purchase of inventory, equipment, or owner-occupied real estate. We offer loan amounts of $50,000 up to $5 million. Eligibility requirements and credit criteria are very flexible, allowing nearly all small businesses to qualify. Primary considerations are the business’s ability to repay the loan from cash flow and the owner’s good credit rating.
For more information on 7(a) loans, click here.
Small Loan Program
The Small Loan Advantage Program is a sub-program of the SBA 7(a) Loan Guaranty Program, offering smaller loan sizes up to $350,000. Other benefits of the program include faster turnaround, less loan documentation needed, and fewer third party reports required.