As a small business owner, you play a significant role in your local community, and the national economy. It is important that business owners like you receive the financing you need to grow your business.
NorthSide Bank partners with the U.S. Small Business Administration (SBA) to provide greater financing options for your business. SBA loans can have many advantages over traditional loans, including longer repayment terms, lower monthly payments and lower down payments.
3 Benefits of SBA Loans:
- Long Term Financing: SBA loans offer longer-term financing than conventional loans, which helps improve cash flow. In all cases, the loan is for a fixed term and will not have a balloon.
- Low Down Payments: One of the uses of an SBA loan is to provide much-needed funding to businesses that are trying to grow or begin operation. Consequently, SBA loans often offer low down payment options to make them affordable to their target market.
- Several Different Loan Options: SBA loans are not “one-size-fits-all.” In fact, there are several different types of these loans you can choose from. Your SBA lender at the NorthSide Bank will be able to help you determine which is best for your situation.
|SBA 7(a) Loan Program
(SBA’s Primary Program for Term Loans)
|SBA 504 Loan Program
(Long-term, fixed asset financing)
|Best Use||Start Up
Commercial Real Estate
Inventory & Equipment
|Fixed Asset Projects
Land & Buildings
|Term||7 – 25 years||10 – 20 years|
|Loan Amount||Up to $5 Million||Up to 90%|
USDA B&I Loans
NorthSide Bank is committed to providing an opportunity for stability, growth, expansion, & employment to new or existing businesses in communities of 50,000 people or less. To fulfill this commitment to our business community, NorthSide Bank has partnered with the United States Department of Agriculture (USDA) to provide greater financing options for your new or growing business.
The USDA Business and Industry (B&I) Guaranteed Loan Program was designed to help create and maintain employment and improve the economic climate in rural communities.
The USDA loan program offers longer repayment terms to increase cash flow, and higher loan-to-value terms than conventional loans. To be eligible for a USDA B&I Loan, your business must be located in a rural community as defined by the USDA Mapping Program. (Most counties within Northwest Georgia qualify.)
|USDA Business and Industry Guaranteed Loan Program|
|Best Use||Debt Refinance
Business & Industrial Projects
Installation of Renewable Energy Systems
Purchase of Equipment/Machinery/Supplies
|Term||7 – 30 years for Real Estate
7 – 15 years for Equipment
7 years for Working Capital
|Loan Amount||Up to $25 Million|
If you are ready to get started with an SBA/USDA loan or if you just want to learn more, contact us today!
Loan products subject to credit approval. Other terms, conditions, restrictions & fees may apply.