An Introduction to the SBA Loan | Central Bank Blog
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An In-Depth Look at a New Option: The SBA Loan

Posted on 4/27/2021 by Kelcey Hesse
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In our ongoing effort to provide the best possible service to our customers, Central Bank is proud to announce new SBA 7(a) loan options are now available. But what is exactly is SBA lending — and what are its advantages? We’re glad you asked. Read on for a rundown from your community bank.

 

 

Let’s Get Down to Basics: What Are SBA Loans?

SBA loans are funds guaranteed by the U.S. Small Business Administration, but which go through lending partners such as your local community bank. These loans are a way for small business owners like you to fund virtually any aspect of company operations, from payroll costs, to down payments on land for an up-and-coming location and the equipment and furniture it takes to carry out your work. Of course, just like no two businesses are exactly alike, no two SBA loans are, either. Individual terms and conditions will apply.
 

What Benefits Do SBA Loans Carry for Business Owners?

Flexibility and affordability are two of the main benefits an SBA loan brings to the table. These financing options carry interest rates comparable to what you’d find with a more traditional loans, but often require lower down payments. In fact, under certain circumstances, no collateral is required. Oftentimes this makes it easier for businesses to secure funding. Quick decision times and continuing education are other benefits. The Small Business Administration makes available a wide range of tools and resources aimed at helping companies launch successful businesses and continue that success moving forward. Your community bank also offers additional educational resources with those same goals in mind.
 

How Can You Determine Whether an SBA Loan is Right for You?   

This is the easy part. The best way to know whether you’re eligible for an SBA loan — and, if you are, the option that’s right for your business — is to talk with a financial professional you trust. At Central Bank, our lending experts look forward to the opportunity to sit down with you to understand your particular line of work and lending needs. From there, we can help you determine whether SBA lending or more traditional funding might be the right fit, and help you get the ball rolling.

With the addition of new SBA 7(a) lending options, your Central Bank team is proud to offer new ways to help businesses like yours succeed. If you have questions on any of the above, or if you’re interested in learning whether an SBA 7(a) loan is the right option for your business, contact your local Central Bank branch. Our team is glad to help!

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