Small Business Administration Loans

Business Purchase Loan Program SBA Loan Highlights Up to 80% of purchase price Up to 10 years, fully amortized No prepayment penalties No packaging fee Click here for SBA loan calculator and to request more information about SBA financing from  Montecito Bank and Trust Qualifying Businesses Manufacturing Wholesaling Services Retailing Construction Special trade construction Loan Type SBA 7(a) loan program can also include working capital, inventory, equipment and purchase of commercial real estate for your business. Conditions At least 20% cash down by borrower and loan not to exceed total fixed asset value of business. Turn Around Time Pre-approval of the loan may be given at the first meeting.  An SBA loan decision is normally available within one week of receipt of your completed loan application.  Funding usually occurs within four to six weeks. Preliminary Items Needed to Qualify Last three years tax returns of business being purchased Current business interim balance sheet and profit and loss statement Personal financial statements on all principals Individual tax returns for the preceding three years