Our SBA loan offerings
As a Preferred SBA Lender and leading participant in U.S. Small Business Administration loan programs, we are committed to supporting the growth and development of small businesses in America. SBA loans provide more flexible terms, lower down payment requirements, and an easier qualification process than conventional loans.
7(a) Loans
Maximum loan amount
$5 million
Interest rates
Fixed or variable
Eligible use of proceeds
Term Loan
Expansion/renovation; new construction, purchase land or building; purchase equipment, fixtures, leasehold improvements; working capital; refinance debt for compelling reasons; for inventory or starting or purchasing a business.
Benefits
- Long- term financing
- Improved cash flow
- Fixed maturity
- No balloons
- No repayment penalty (under 15 years)
SBA Express
Maximum loan amount
$500,000
Interest rates
Fixed or variable
Eligible use of proceeds
May be used for revolving lines of credit (must have term-out period less than draw period) or for a term loan.
Benefits
- Fast turnaround
- Streamlined process
- Easy-to-use line of credit
* Discounts available to veterans
Export Express
Maximum loan amount
$500,00 (This amount is NOT reduced by an SBA Express Loan amounts).
Interest rates
Fixed or variable
Eligible use of proceeds
Same as SBA Express plus standby letters of credit. No requirement for term out period.
Benefits
- Fast turnaround
- Streamlined process
- Easy-to-use line of credit
- Loan can be for direct or indirect exporting. Lower collateral requirements (25%) for Standby Letters of Credit.
504 Loans
Provided through Certified Development Companies (CDCs) which are licensed by SBA
Maximum loan amount
504 CDC maximum amount ranges from $5 million to $5.5 million, depending on type of business or project.
Interest rates
Fixed rate on 504 Loan established when the debenture backed loan is sold. Declining prepayment penalty for 1/2 of term.
Eligible use of proceeds
Long-term, fixed asset loans; Lender (non-guaranteed) financing secured by first lien on project assets. CDC loan provided from SBA 100% guaranteed debenture sold to investors at fixed rate secured by 2nd lien.
Benefits
-
Low down payment - equity (10, 15, or 20%)
(The equity contribution may be borrowed as long as it is not from an SBA loan) - Fees can be financed
- SBA/CDC Portion:
- Long-term fixed rate
- Full amortization
- No balloons
SBA Loans FAQs
- SBA 7(a) Loan Program: As you look to grow your small business, you may find you need extra financing to cover expenses. An SBA 7(a) Loan can help provide you with financing to manage cash flow, cover the cost of an expansion or new equipment, or refinance debt. SBA 7(a) Loans can help you purchase assets, including machinery /equipment, and refinance debt. SBA 7(a) Loans are designed to provide short or long term financing and may be supported with different types of collateral.
- SBA Express: SBA Express loans have a borrowing limit of $500,000 with a term of 10 years. These loans can be used as a business line of credit or to renovate a property, purchase machinery, or augment working capital. Use an Express business line of credit to grow your inventory; financing is designed to give you more flexible buying power when assets, like inventory, are minimizing liquidity.
- SBA 504 Loan Program: Whether you're buying land, a new building or doing construction on your current space, you may be able to use an SBA 504 Loan. The SBA 504 Loan Program is backed by the government and provides the long-term financing needed to purchase or refinance real estate as well as needed machinery and equipment.
This term loan is the most versatile SBA loan program. It features fixed or variable SBA loan rates, flexible terms, and lower down payment requirements than conventional loans.
Ideal for businesses with less established credit that want to improve cash flow, refinance debt, fund improvements, or purchase equipment or real estate. Like other SBA loans, it features longer terms and lower down payment requirements than conventional loans.
This term loan or line of credit offers fixed or variable SBA loan rates as well as the easiest SBA application process, quick approval times, flexible terms, and lower down payment requirements than conventional loans.
Ideal for businesses with less established credit that want to improve cash flow, refinance debt, or fund improvements, equipment, or real estate. It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.
These combined term loans offered by the bank in participation with a Community Development Organization (CDC) have fixed or variable bank loan rates and offers the highest loan amounts, plus longer-term options, and lower down payment requirements than conventional loans.
Ideal for larger, established businesses that need long-term financing for heavy machinery or the acquisition, construction, or improvement of real estate that is primarily owner occupied. The program features generous loan amounts and offers up to 90% financing.
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Please note: Citizens Business Banking Products and Services are offered in the following states: Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia and Washington, D.C.
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All accounts and services are subject to individual approval.