Expand, enhance, or start something totally new with Small Business Administration (SBA) loans. With lower-than-usual interest rates and flexible repayment terms, the perks this program offers make SBA loans highly sought after by small businesses owners. Learn more about these and other small business loans available through Greater Nevada Credit Union and Greater Commercial Lending, GNCU’s expert business lending subsidiary.
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Types of Credit Union SBA Loans
Realize potential, fund growth, and reach new goals–it’s easier with the right small business loans, especially those backed by the U.S. Small Business Administration. Different lenders offer many different kinds of SBA loans. At Greater Nevada Credit Union, we can help you with SBA 7(a) loans and SBA 504 loans.
SBA 7(a) loans are partially guaranteed by the Small Business Administration. They’re good for financing many different needs from startup costs to operation to expansion. High maximum loan amounts make them one of the most popular small business loans available.
Meet small business size standards. Be a registered for-profit business. Demonstrate an ability to repay, have reasonable invested equity, and not be delinquent on any federal loans. Demonstrate a need for a loan (sought small business financing elsewhere but unable to qualify).
Finance between $5,000 – $5,000,000 with a 50 – 85% SBA guarantee.
A guarantee fee of 0.55 – 3.75% is collected depending on the amount of the loan. Down payment is 10 – 20% and collateral along with personal guarantees will be required.
SBA loan rates are based on Wall Street Journal Prime plus a margin. These interest rates are variable monthly or quarterly depending on the type of loan and loan amount.
The maximum maturity rate is 10 years for most business uses and 25 years for real estate.
SBA 504 loans are primarily commercial real estate loans, though that’s by no means their only use. Small businesses often use them to stimulate growth by creating jobs and purchasing equipment and machinery essential to operation.
Meet small business size standards. Be a registered for-profit business. Demonstrate need for loan (sought small business financing elsewhere but unable to qualify). Have a net worth under $15,000,000 and average net income under $5,000,000 for the two years prior to applying.
Finance between $250,000 – $5,000,000 (certain energy projects can receive up to $16,500,000 spread between three projects).
A loan fee of 1 – 2% is collected by the lender. SBA guarantee fees will be added to the SBA loan; SBA fees are 2.15% and a $3,500 legal fee. Down payment is 10 – 20% and collateral as well as personal guarantees are required.
SBA loan rates are some of the lowest available to small businesses, depending on amortization period and type of loan request. Rates change monthly on 504 loans, check with your lender for current rates.
10-year and 20-year maturity terms are available.
Benefits of SBA Loans in Nevada
SBA loans typically offer excellent interest rates plus superior terms. And when you apply for one through Greater Nevada Credit Union, you’ll reap even more benefits: as one of the most member-focused credit unions in the state, we’re proud to offer personalized guidance and support to the Nevada small business community.
SBA loan rates are typically very low, making them great options for small businesses. Rates can change every month on 504 loans, so be sure to contact us for the most current rates.
Repay what you borrow with plenty of wiggle room (and maybe even room to spare). Amortization periods are 10 years for equipment and 20–25 years for real estate.
Access a wealth of financial resources, plus one-on-one guidance from a credit union with a long history of helping small businesses fund and grow their operations.