SMALL BUSINESS ADMINISTRATION (SBA) LOANS[cite::13::cite]
This type of bank loan, which is partially guaranteed by the U.S. Small Business Administration (SBA), is designed to help small businesses get essential financing with affordable terms. Because our business is helping your business grow, experienced lenders will guide you through the SBA lending process.
A common misconception is that an SBA loan is available only for start–up companies. In reality, more than 90 percent of Colorado businesses may qualify, including those that have been in business for many years. The determining factor is whether your business is a small business according to federal guidelines and for what purposes you’d like to use the funds. Our expert team of lenders across the state can help you with both of those key questions and more.
What Are the Advantages of SBA Financing?
- Extended repayment terms: As a result of a longer repayment timeline, SBA loans offer more affordable loan payments, and allow you to use more of your cash flow to grow your business.
- Lower down payments: If you are considering the purchase of real estate, equipment, inventory, or other business assets, an SBA loan can often dramatically reduce your down payment.
- More generous underwriting requirements: In many cases, SBA loans give small businesses access to bank financing when they don't qualify for conventional loans.
- Lower out-of-pocket closing costs: To minimize up–front costs and preserve your working capital, you can finance the loan fees.
We can help you grow your business in three easy steps!
- A local lending officer will help you complete the loan application package.
- We will review and evaluate your application and, upon approval, forward it to our SBA Packaging Division.
- Our lenders work with you to close the loan and disburse the funds so you can get back to business.
REACH OUT TO A BANKER
Your Vectra Bank Business Bankers are available to answer your questions and help with all of your financial needs. Please give us a call at 844–210–3602, visit a branch near you or complete the form below.