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Are you seeking tailored financial solutions for your business? At American Community Bank & Trust (ACBT), we take a relationship-based approach to understand your business operation and suggest financial products and services that meet your unique needs. One such solution, geared towards growing companies, is an SBA loan through the Small Business Administration (SBA) loan program.
SBA loans can help your business achieve short and long-term goals while using flexible financing packages. As an SBA-certified lender, ACBT can help you explore all of your SBA loan options. One of the most popular SBA loan options is the 7(a) loan program. This primary business loan program provides a loan guarantee to us, the lender, that allows us to provide financial help to small businesses with special requirements. According to the SBA, over $27 billion 7(a) regular loans were funded between October 1, 2022 and September 31, 2023. The 7(a) loan can be used for acquiring, refinancing, or improving real estate and buildings, short and long-term working capital, refinancing current business debt, purchasing and installation of machinery and equipment, purchasing furniture, fixtures, and supplies, and changes of ownership such as a partner buyout. The maximum loan amount for a 7(a) loan is $5 million.
Our highly qualified commercial bankers can help you determine eligibility for an SBA 7(a) loan. Eligibility is generally based on what your business does to receive its income, business credit history, and where the business operates. If an SBA 7(a) loan is the right fit for your business needs, you will apply for your loan directly through American Community Bank & Trust. It's important to use a preferred SBA lender such as ACBT because we will guide you through the loan process. The SBA application process can be intricate, and we ensure documents are accurately submitted to the SBA to avoid unnecessary delays. Our experience with SBA lending supports your need to close the loan and access capital as quickly as possible.
At American Community Bank & Trust, we review both the pros and cons of any form of financing with you and help you understand the long-term impact of your decision to secure funding. We want to see your business succeed and celebrate the important milestones of your business operation. With twenty-four years of experience building successful relationships, our talented lenders are among the best in the banking industry. For more information about SBA 7(a) loans or other creative and flexible lending solutions, please connect with us at https://www.amcombank.com/contact.