An SBA loan is a financing solution that can provide crucial support for a wide range of business ventures such as acquiring business, growing a business, or funding a startup. SBA loans are backed by the Small Business Administration (SBA), a government agency, dedicated to aiding entrepreneurs and small businesses. SBA loans offer numerous advantages over traditional business loans.
How can Tompkins help you with a SBA loan?
SBA loans can be a smart and strategic choice for financing various stages of your business journey, providing the necessary support to fuel your growth and success.
- Loan programs are available up to $5 million.
- SBA loans offer flexibility in how the funds can be used, whether it’s for equipment, working capital, or other business expenses.
- There are no prepayment penalties for terms under 15 years, giving businesses the freedom to pay off their loan ahead of schedule without any additional costs.
Tompkins offers various SBA loan programs to help you get the right loan for your business.
SBA 7(a) Loans
SBA 7(a) Loans, are the most common SBA loans, offer up to $5 million for borrowers looking to open, acquire, or expand a small business, finance new equipment, working capital, or real estate.
SBA Express Loans
SBA Express Loans are for smaller loan amounts (up to $500,000) and have an expedited review process for quicker fund access.
504 Loans
504 loans fund small business expansions or modernization through long-term fixed-rate financing.
Whether you are a new or established business, you can apply for an SBA loan and take advantage of the benefits.
SBA Preferred Lender. Approved to offer SBA loans products under SBA’s Preferred Lender Program.
All credit products are subject to collateral and/or credit approval. SBA loans subject to SBA eligibility.
