Working jointly with the U.S. Small Business Administration
(SBA), Ocean Bank offers small business owners the
opportunity to secure funding to expand, grow and
get new business strategies off the ground. SBA
loans are guaranteed by the U.S. Business Administration
and funded by Ocean Bank, a South Florida leader
in SBA lending.
To
qualify for a SBA 504 Loan, your business must meet
the following guidelines:
Secure
long-term financing to buy, construct
or renovate commercial property. With
a SBA 504 loan, you can even purchase
equipment.
Loan
Amounts
$125,000
to $5 million
Business
Situation
Purchase
a fixed asset, such as land
and building.
Your
business must occupy at
least
51% of the property.
Build
new construction.
Your
business must occupy at
least
69% of space.
Renovate
or expand commercial property.
Your
business must occupy at
least
51% of space.
Purchase
equipment.
The
equipment life expectancy
must be at least 10 years.
Benefits
Low
down payment
No
balloon payment
7,
10 or 20 year terms
Fixed
or variable rate
SBA
7A Loan Program
Get
financing for working capital, equipment
purchases and debt refinancing. With
an SBA 7A loan, finance as much as 90%
on commercial real estate projects.
Loan
Amounts
Up
to $2 million (SBA 7A program)
Business
Situation
Get
working capital for a loan term
up to 7 years.
Purchase
equipment that has a life expectancy
of at least 10 years.
Acquire,
renovate or build commercial property
with a loan term up to 25 years.
Benefits
Term
of loan depends on loan purpose
No
prepayment penalty
For
more information on Ocean Bank’s Small Business
loan programs, call 305-569-5597.
