SBA Disaster Loans are available. Click here for more information.
If you need financing for your business, Colonial American Bank can help. Our partnership with the Small Business Administration allows us to provide qualified business owners with both short-term and long-term financing.
SBA Loans Can Be Used For:
- Real Estate Purchase
- Refinance and Construction
- Business Expansion and Acquisition
- Equipment Purchase
- Leasehold Improvements
- Partner Buyout
- Working Capital
- Loan amounts up to $5 million
- Terms of up to 25 years
- Full amortizing
- Up to 90% financing LTV
Types of Businesses that Qualify:
- Retail: Maximum annual revenue - $7 million
- Wholesale: Maximum number of employees - 100
- Manufacturing: Maximum number of employees – ranges from 500 to 1,500
- Service: Maximum annual revenue - $7 million
- Variable and Fixed Rate Interest Rates
- Rates are based on Wall Street Journal Prime Rate plus a percentage, depending on the financial strength of the application
Required Financial Information:
- Last 3 years business financial statements and tax returns (for existing businesses)
- Current business financial statement under 90 days old (for existing businesses)
- Projections (for start-up businesses)
- Personal financial statement and last 3 years personal tax returns for each owner
Our experienced team of SBA professionals will guide you through the application. After all of the initial steps have been taken, Colonial American Bank will strive to provide a prompt response, subject to the Small Business Administration’s approval and verification of collateral values.
We look forward to working with you and helping you grow your business.
For additional information, please contact:
Andrew M. Glatz, SVP, SBA Manager
Gora Choudhury, VP, SBA Loan Officer
Colonial American Bank is an approved SBA Lender and is committed to providing financing to small business owners.