Explore full benefits of Small Business Administration (SBA) guaranteed loans at UniBank.
As a designated SBA PLP (Preferred Lender Program) and Express lender, UniBank is dedicated to servicing the financial needs of small businesses and offers a full spectrum of SBA loan products. UniBank, as a PLP lender, is able to approve your loan based on certain credit standards without prior SBA approval. This means we provide much faster loan approvals compared to most SBA lenders in Washington State.
Benefits of SBA Loan Program
- Lower down payment requirement than conventional loans
- Greater term (Up to 25 year for real estate loans)
- Maximum 10 year for non-real estate loans
- Start-up businesses can qualify
Type of SBA Loan programs
SBA 7(a) Loans (Up to $5 million)
For any business use, including business real estate purchase, construction, refinance, business acquisition or expansion, equipment/inventory purchases, or working capital.
- Loans up to $5,000,000.00
- Loan maturities: Up to 25 years for real estate acquisition or refinance
- Up to 10 years for business acquisition or refinance
- Up to 10 years for equipment (or the useful life of the equipment)
- Up to 7 years for working capital or inventory (if written justification provided, may be up to 10 years)
- Up to 10 years for business acquisition or refinance
SBA 504 Program
The SBA 504 Loan Program is a long-term financing tool for economic development which provides growing businesses with long-term, fixed-rate financing for major fixed assets. Such as purchasing land and buildings, construction of new facilities, renovation or converting existing facilities or purchasing machinery and equipment.
The biggest advantage of this 504 Program allows businesses to contribute as little as 10% equity into a project*.
*New business or limited or special purpose property requires a minimum 15% or 20% equity injection
Typical 504 Financing Structures
What funds may be used for:
- Purchasing land and improvements including existing buildings
- Grading, street improvements, utilities, parking lots, and landscaping
- Construction of new facilities, or modernizing, renovating or converting existing facilities
- Purchasing long-term machinery and equipment
Maximum Debenture Amount:
- The Gross Debenture cannot exceed:
- $5,000,000 for regular 504 loans
- $5,500,000 for small Manufacturers (defined as a business with its primary NAICS Code in Sectors 31, 32, and 33, and all of its production facilities are located in the United States)
Terms, Interest rates, Fees, Size, and Prepayment Penalty
UniBank 1st Trust Deed Loan
- Terms: 10 years due / 25 years amortization
- Interest Rates: Competitive rates (floating and/or fixed rates available)
- Size Eligibility: To be eligible as a small business, its tangible net worth should not be in excess of $15 million and does not have an average net income in excess of $5 million after taxes for the preceding two years
- Prepayment Penalty: To be determined
SBA 504 Debenture 2nd Trust Deed Loan
- Terms: 20 years
- Interest Rates: Fixed for life (based on SBA debenture rate) The debenture rate is determined at the time of application
- Size Eligibility: To be eligible as a small business, its tangible net worth should not be in excess of $15 million and does not have an average net income in excess of $5 million after taxes for the preceding two years
- Prepayment Penalty: Declining first 10 years
Loans to Businesses located in Rural Areas
Discover the USDA’s Business & Industry Guaranteed Loan Program.
Refinance or purchase commercial real estate. Finance equipment. USDA B&I loans offer longer loan terms than bank loans and larger loan size than SBA loans.