Chase Small Business Administration (SBA) Loans are one of the easiest ways to meet your small business requirements. These loans come with leverage lower monthly payments, direct financing of any applicable fees and longer repayment terms. These are particularly different from the loans that Chase offers for personal uses.
Different features and benefits of various small business loans are discussed below.
SBA 7(a) Loan Program
This loan option is designed for borrowers who require funds to expand or purchase another business or manage cash flow.
Loan amount of up to $5 million is made available to eligible borrowers.
The benefits of SBA 7(a) Loan Program are that it is easier to qualify and it offers longer maturity terms and lower down payment with fixed assets.
Standard terms of this loan term are working capital up to 7 years, equipment up to 10 years and real estate up to 25 years. Fixed and variable rate options are made available with this loan term.
SBA Express Term Loan
Loan amounts of up to $350,000 is made available in this loan program and it is ideal for borrowers who need funds to purchase new business, expand existing business or manage cash flow.
Benefits of SBA Express Term Loan include longer maturity terms, fast application process and financing of SBA fees. SBA guarantees 50% of the loan amount and fixed and variable rate options are made available for borrowers.
SBA 504 Loan Program
This loan program is best match for borrowers who are planning to expand their business through building acquisition, land acquisition, construction and equipment finance.
There is no maximum loan amount for eligible borrowers.
Lower down payments, pricing and favorable loan terms are the benefits of SBA 504 Loan Program.
Standard terms of this loan program are minimum 7 years for equipment financing or 10 years for real estate, with up to 30-year amortization.
SBA funding is offered up to 40% of the loan or a maximum of $5 million. Favorable pricing and fixed interest rate for 20 years are also made available with this loan program.
Besides, the aforementioned business loans, Chase also offers loans for individuals, such as personal loans and home equity loans and lines.