Community Advantage Loans
CA Loan Structure
The CA loan is an SBA guaranteed 7 year term loan with loan amounts from $50,000 to $150,000
CA Loan Features
Variable at prime (adjusted quarterly) + maximum of 4.0%.
SBA Guaranty Fees
3% for loans greater than $150,000
Application fee $500.00 Packaging fee* $2,500 maximum *Financeable.
SBA requires collateral coverage of 1:1 if the assets are available. Personal assets may be required to secure the loan.
Required of each owner holding 20% or greater interest in the business.
Community Advantage features streamlined paperwork, with a two-page application for borrowers.
Most Community Advantage loans will be approved within 4-6 weeks of receipt of completed application package.
60% of loans must be targeted to low-moderate income markets.
Available through SomerCor staff.