New! SBA 7(a) Express Loan

This program features an accelerated turnaround time for a government guaranteed loan.
Applications close September 27, 2020.
 

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Benefits to Borrowers:

• Fast turnaround time/Streamlined processing
• Easy-to-use lines of credit /Low, competitive interest rates
• Start-up businesses eligible /In-house underwriting
• Stated income/Stated Debt (Loans $100,000 or less) through 9/27/20
• SBA pays guarantee fees and makes first 6 months of P&I payments on all new loans through 9/27/20

Maximum Loan Amount: $25,000 – Unsecured | $350,000 – Secured
Percent of Guarantee: 50%

Use of Proceeds:

• Expansion/renovation
• New construction or purchase land or buildings
• Purchase Equipment, fixtures, inventory Lease-hold improvements
• Working

Capital Maximum Term:

• Revolving Lines of Credit – 7 years
• Unsecured, FF&E, Inventory, etc. – 10 years
• Real Estate – 25 years

Guarantee Fees:

• Loans up to $125,000 – 2% (unless Veteran, then fees are waived)
• Loans between $150,001 - $350,000 – 3% of guaranteed portion

Packaging Fees:

• $250 – Loans up to $25,000
• $350 – Loans $25,001 - $50,000
• $450 – Loans $50,001 - $100,000
• $650 – Loans $100,001 - $350,000

Eligibility: Must be a for-profit business and meet SBA size standards, Show good character, credit, management and ability to repay, Must be an eligible business type.

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New! USDA Business & Industry (B&I) CARES ACT Loan

Benefits to Borrowers:

• Fixed Rates of 6.75% up to 5 years and 8.5% up to 10 years (max term)
• Fixed maturity, no balloon payments, fully amortizing principal & interest payments
• Start-ups and Agriculture Producers are eligible

Maximum Loan Amount:

• Maximum B&I Cares loan = 12 x (Borrower’s total average monthly costs or W/C expenses)
• This amount will be reduced by any SBA Paycheck Protection Program loans received by borrower or other Federal assistance for economic recovery due to the pandemic impacts
• Maximum loan may not exceed the traditional $25 Million threshold to one borrower
• Example: Borrower has monthly operating costs of $100,000. They have received a $250,000 SBA PPP loan. They would be eligible for a $950,000 B&I Cares Act Program loan - $100,000 x 12 = $1,200,000 - $250,000 = $950,000

Percent of Guarantee: 90%

Use of Proceeds:

• Payroll costs, healthcare benefits, salaries
• Principal and interest payments on loans and/or loan costs
• Rent/leases obligations, utilities, inventory & supplies
• Operating costs such as Insurance and marketing or to pay taxes.

Maximum Term: 10 years

Guarantee Fees: 2% of guaranteed loan amount

Equity Contributions: A minimum of 10% balance sheet equity, or; Borrower investment of equity or other funds in the project equal to 10% or more of total eligible project costs, or; The balance sheet equity includes owner-contributed capital of 10% or more of total fixed assets.

Eligibility: Eligible borrowers are for-profit businesses, non-profit businesses, cooperatives , individuals, Agriculture producers, or tribal organizations located in a rural area1 as defined by USDA. The borrower’s headquarters may be based within a larger city as long as the project is located in an eligible rural area. Is the project located in an eligible rural area?

To apply, please email AllSpecialLending@fswb.com.

Paycheck Protection Program

Applications closed August 8, 2020.
The Paycheck Protection Program prioritized small businesses and the millions of Americans employed by these businesses by offering forgivable loans with funds going toward job retention and other expenses.

Helpful Resources:

• Resource Page for PPP Forgiveness Application
• Loan Forgiveness Information
• Checklist of Documentation Required for PPP Loan Application
• ​Our FAQ on the Paycheck Protection Program
• An FAQ from the U.S. Senate Committee on Small Business & Entrepreneurship
• ​Q&A About SBA Preferred & Express Lenders
• ​Paycheck Protection Program (PPP)  OR  Economic Injury Disaster Loan (EIDL) Comparison Chart