Ashburn SBA Business Loans

Paycheck Protection Program (PPP) and SBA 7(a) Multi-Purpose Financing

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Paycheck Protection Program (PPP)

SBA ‘Preferred Lender’ for Faster Funding

SBA Funding Programs

Operating Capital & Equipment Loans‎

Paycheck Protection Loan

Up to $10 million


Paycheck Protection Program (PPP) – An SBA loan that helps businesses keep their workforce employed during the Coronavirus crisis, will be available through June 30, 2020.

Main Features 

  • Interest rates of 1.0%
  • Maturity of two years
  • 1st payment deferred for six months
  • 100% guarantee by the SBA
  • No collateral required
  • No personal guarantees from borrowers
  • No borrower or lender fees payable to the SBA
  • Pre-qualify for PPP in 15 minutes
  • Apply Now. Get funded soon!

Qualify with:

  • The business has 500 or fewer employees.
  • The owner certifies that the uncertainty of economic conditions makes the loan necessary to continue operations during the pandemic.
  • The loan proceeds must be used to fund payroll, rent or mortgage payments, interest on debt, and utility payments.

 

learn more. . . . 

 

 

SBA COVID-19 Assistance

$50,000 – $2 million


US Businesses of all sizes and nonprofits including charitable organizations such as churches and private universities are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

Main Features 

  • Rate is 3.75% for small businesses
  • Rate is 2.75% for nonprofits
  • Long term repayments up to 30 years
  • At least two full years in business 
  • Pre-qualify Now. Get funded soon!

Qualify with:

  • FICO® score above 650+
  • Two Years Business Tax Returns
  • Show schedule of Liabilities
  • No bankruptcy in the last 4 years
  • No outstanding tax liens
  • No current loan delinquencies
  • No defaults on government loans
  • Business owners must be US citizens or legal permanent residents

Beyond The Numbers:

  • All industries are welcome
  • SBA loans for small businesses
  • SBA loans for Nonprofits
  • SBA loans offered at low rates
  • SBA loans offer longer maturities
  • SBA loans offer higher leverage

Use of Proceeds: Funds must be used for certain purposes. Acceptable purposes include working capital, paying fixed debts, payroll, accounts payable, and paying other bills that could have been paid had the disaster not occurred. It is NOT acceptable to use loans to replace lost sales, enhance profits, refinance long-term debt, or fund expansion opportunities.

SBA Express Loans

$50,000 – $350,000


This SBA program provides working capital lines of credit for manufacturing, wholesale, services and retail businesses. May be used to finance inventory, accounts receivable, a specific contract and more.  

 

Main Features
  • Low rates 3.75% – 6%
  • Financing term up to 10 years
  • Pre-qualify in 15 minutes
  • Loan decision in 36 hrs, funding in 7-14 days
Qualify with:
  • FICO® score above 650+
  • Two Years Business Tax Returns
  • Show schedule of Liabilities
  • No bankruptcy in the last 4 years
  • No outstanding tax liens
  • No current loan delinquencies
  • No defaults on government loans
Eligibility
  • For-profit business
  • Must qualify as a small business according to (varies by industry type)
  • Business owners must be US citizens or legal permanent residents
Use of Proceeds
  • Working capital, Business debt consolidation, operational expenses, payroll, rents, cash reserves, marketing, hiring new resources
Collateral
  • No Collateral – Unsecured Business Loan

SBA 7(a) Program

$100,000 – $5 million


This multi-purpose SBA loan program offers the most flexible and longest-term loans. The loan may be used for small and large businesses, for everything  real estate to equipment and working capital.

 

Main Features
  • Low rates 3.75% – 6%
  • Financing terms up to 25 years
  • Pre-qualify in 15 minutes
  • Loan decision in 36 hrs, funding in 7-14 days
Qualify with:
  • FICO® score above 650+
  • Two Years Business Tax Returns
  • Show schedule of Liabilities
  • No bankruptcy in the last 4 years
  • No outstanding tax liens
  • No current loan delinquencies
  • No defaults on government loans
Eligibility
  • For-profit business
  • Must qualify as a small business according to SBA Size Guidelines (varies by industry type).
  • Business owners must be US citizens or legal permanent residents
Use of Proceeds
  • Buildings, Equipment, Furniture & Fixtures, Inventory, Business Acquisition, Working Capital, Business debt consolidation, operational expenses, payroll, rents, cash reserves, marketing, hiring new resources 
Collateral
  • No Collateral – Unsecured Business Loan
  • For real estate purchases or refinance, SBA requires that Lender take a first secured interest in business assets and/or a mortgage on real estate.
Loan Terms
  • Working Capital – up to 10 years
  • Equipment – up to 10 years (or useful life)
  • Real Estate – up to 25 years
  • No balloon payments

Pre-qualify for PPP in just 15 minutes!
auto-reply-email includes PPP application

Pre-qualify in 15 minutes
auto-reply-email includes PPP & 7a applications

Pre-qualify in 15 minutes
auto-reply-email includes SBA application

Pre-qualify in 15 minutes
auto-reply-email includes 7a application

a BFNYC website

 

 

Loans That Empower Over 500,000 Small Businesses

Paycheck Protection Program (PPP)

 

COVID-19, SBA 7a, SBA 504 – Business Loans

Disaster Assistance, Heavy Machinery, Equipment, Real Estate – SBA Loans

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Introduction

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

The loan amounts will be forgiven as long as:
 The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
 Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6 months.

When can I apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
 Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
 Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Where can I apply?

Complete our online Pre-Approval Form, and also return to us the full .pdf Application which will be automatically emailed to you.

Who can apply?

All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries; or (2) that are franchises in the SBA’s Franchise Directory; or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

What do I need to apply?

You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to us so that it is available to process your application by June 30, 2020.

What other documents will I need to include in my application?

You will need to provide your payroll documentation.

How long will this program last?

Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How many loans can I take out under this program?

Only one.

What can I use these loans for?

You should use the proceeds from these loans on your:

 Payroll costs, including benefits;
 Interest on mortgage obligations, incurred before February 15, 2020;
 Rent, under lease agreements in force before February 15, 2020; and
 Utilities, for which service began before February 15, 2020.

What counts as payroll costs?

Payroll costs include:

Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
 Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
 State and local taxes assessed on compensation; and
 For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

Does the PPP cover paid sick leave?

Yes, the PPP covers payroll costs, which include employee benefits such as costs for parental, family, medical, or sick leave. However, it is worth noting that the CARES Act expressly excludes qualified sick and family leave wages for which a credit is allowed under sections 7001
and 7003 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116–127).

How large can my loan be?

Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

How much of my loan will be forgiven?

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll.

 Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
 Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
 Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

How can I request loan forgiveness?

You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.

What is my interest rate?

1.00% fixed rate.

When do I need to start paying interest on my loan?

All payments are deferred for 6 months; however, interest will continue to accrue over this period.

When is my loan due?

In 2 years.

Can I pay my loan earlier than 2 years?

Yes. There are no prepayment penalties or fees.

Do I need to pledge any collateral for these loans?

No. No collateral is required.

Do I need to personally guarantee this loan?

No. There is no personal guarantee requirement. However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.

What do I need to certify?

Current economic uncertainty makes the loan necessary to support your ongoing operations.
 The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.
 You have not and will not receive another loan under this program.
 You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan.
 Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
 All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law.
 You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

 

Pre-qualify for PPP in just 15 minutes!
auto-reply-email includes PPP & 7a applications

Healthcare:

  • Hospital Equipment – All Needs
  • Medical Laboratories
  • Nursing Care Facilities
  • Pharmacies
  • Home Health Care Services
  • Medical Office Equipment & Supplies (including dentists, chiropractors)
  • Veterinarians

Service:

  • Accounting, Bookkeeping and Tax Preparation
  • Advertising
  • IT related services
  • Insurance Agents
  • Training and development
  • Financial specialists
  • Geo-scientists
  • Funeral Services
  • Laundry and Dry Cleaning Services
  • Building Cleaning and Maintenance
  • and more

Specialty Trade:

  • Plumbing, Heating, AC
  • Roofing and Siding
  • Electricians
  • Flooring
  • Excavation, Wrecking and Demolition
  • Architectural and Engineering Services
  • And Others

SBA Working Capital Loans

SBA Fixed Assets Loans

Manufacturing:

  • Consumables (Food, Beverage)
  • Food Product Machinery
  • Household appliances
  • Furniture
  • Sports equipment
  • Factory systems
  • Just-in-time manufacturing
  • Manufacturing engineering
  • Mass customization, production
  • Products sold through wholesalers
  • Products sold through retailers
  • And other manufacturers supporting all approved industry types

Construction:

  • Above Ground Fuel Tanks
  • Bulldozers
  • Concrete Mixer
  • Cranes
  • Mechanic’s Truck
  • Dump Truck
  • Trailers, and more

Real Estate:

  • Commercial real estate (purchases, construction, or refinance)
  • Leasehold improvements
  • Business expansions
  • Machinery, equipment, furniture or fixtures
  • Franchises, Motels, Restaurants Gas Stations and C-Stores

 

SBA COVID-19 Assistance

Federal Coronavirus (COVID-19) Small Business Assistance – As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the Coronavirus.

These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. You can use the loan to cover accounts payable, debts, payroll and other bills the Coronavirus has affected your ability to pay.

You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.

Call the SMB Loans Customer Service Center at 1-888-357-3547 for help with your application.

 

SBA 7(a) Program

SMB Loans offers several loan programs designed for small businesses that may not qualify for traditional bank or conventional loans. The most common is SBA loan 7(a) multi-purpose business Loan program, which provides up to $5 million in working capital and is designed to help businesses manage and expand their businesses.

It is flexible because it can be used for a variety of purposes, including buying machinery or equipment or furniture, purchasing real estate, leasehold improvements, working capital or even debt refinancing. The maturity term for these loans is up to 10 years for working capital and up to 25 years for fixed assets.

 

 

SBA Express Loans

A unique benefit that the SBA Express loan offers over other SBA loans is a quicker decision process. Whereas other SBA loans may require extensive time before approval with a process that can take up to three months, an SBA Express loan allows business owners to get a decision and receive funding in a shorter amount of time. With an accelerated turnaround time for SBA review, borrowers are given a decision within just three days.

Qualifying for an SBA Express loan is pretty simple. There are a few requirements, like operating your business within the United States and not having any existing debt obligations to the government.

Basic Requirements:

  • Business must operate for profit
  • Must engage in operations within the USA
  • Should be in operation for at least 2 years
  • Must qualify as a small business according to SBA size standards
  • Must be able to prove/show a need for financing
  • Must be able to show that funds will be used for sound business purposes
  • There can be no delinquencies on previous debts to the government
  • As with all other federally sponsored loan programs, the government requires borrowers to be of good character and demonstrate the ability to repay the SBA Express loan debt.

Call the SMB Loans Customer Service Center at 1-888-357-3547 for help with your application, or APPLY ONLINE to pre-qualify in just 15 minutes!

 

Success Stories

SBA COVID-19/Coronavirus & SBA Multi-purpose Loans

Jone Than, San Diego CA



In the old days, when my father took out a business loan, it was through a crowded local bank and by sending many faxes.

Now, while Ben was with me on the phone, I completed an easy online application. I was welcomed by a professional who cared about making me comfortable along the way. I received a wonderful, personal service from start to finish… and funds within 48hrs.

San Diego, CA
March 2020

Dara Kasten, Savannah Tennessee



I wanted to extend a heartfelt thanks. I know you were doing your job: just thank you for saving my dream. life has been rough since this began mom and u put all we had into it. I did not know what to expect. everyday lately i struggled trying to get noticed and bring people in. my daughter and adopted child didn’t help much at all. my other half would help a bit financially but would pocket money that was for the business. in the process of trying to help everyone it just fell apart. all I felt was the pain of bankrupting my mom…not being able to pay her back as I promised….not being able to take care of her in her old age. being a failure. lost my home..my car…my pride and self worth about to loose my possible lively hood my dream.. lost my faith in God questioning y tp all this bad stuff I thought this was gift from God at first….for surviving and struggling after a 10 year abusive marriage. I reached out to yall as a last ditch effort for reviving it all. not the most idea ways of obtaining the monies needed…but hey regardless of the pay back fees and credit cards it’s a life boat and i am kinda smart lol. just thank yall for saving my life and restoring my faith.

Horseshoe Sports Bar & Grill
Savannah Tennessee
November 2019

Gil Thompson, New York NY



I can’t say enough about Ben, and how helpful he was during this whole process, he’s absolutely the best! I was in a situation with some time constraints, and Ben managed to get everything done within the necessary timeframe. I had a lot of questions, and he answered them all, was always knowledgeable and kind.

New York, NY
May 2019

Jim S.

Startup manufacturer needed $100,000

Joan P.

Optometrist needed $75,000 to expand her business

Frank A.

Needed $125,000 to increase his inventory for the upcoming season

About Us

Ashburn‘s Top SBA Business Lender

The Ultimate Source For SBA Business Loans

SMB Loans, a Branch of Business Funding New York LLC, is comprised of a group of highly experienced and seasoned, certified, financial professionals. With our knowledge and expertise, we will find a solution for all your financing needs. Unlike a bank, or local lending institution, which only lend to the most credit-worthy businesses, SMB Loans with its relationships and national lenders, will match you with the fastest and most affordable financing options you need.

We pride ourselves on delivering the highest standard of customer service. Over the last several years, we have established a reputation as leaders in our field by going above and beyond to ensure your needs and expectations are always met and exceeded.

Please contact us today for a FREE, no-obligation analysis of your financing needs. A member of our professional staff will contact you to discuss your business’s short and long-term financial needs.

Whether you need to get new equipment, finance your accounts receivable, raise working capital, or acquire Commercial Real Estate, SMB Loans can help you get approved and funded!

 

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