Lead Bank provides long-term, permanent financing to small businesses through the Small Business Administration (SBA) guaranteed loan programs. SBA loans carry lower interest rates with terms up to 25 years, so they are great for small businesses.
To be considered eligible for an SBA loan, your small business must meet the following eligibility requirements:
- Being a small business located in the United States with a demonstrated need for the loan.
- Operating in an eligible industry
- Operating on a for-profit basis
- Owned by U.S. citizens.
You cannot receive funding by other means. A higher credit score will increase your chances of getting your application approved; you will likely need a credit score of 640 or above.
Lead Bank offers several types of SBA loans: SBA 7(a) loans up to $5 million, SBA 504 loans up to $10 million as well as SBA Express loans.