Small business is the lifeblood of a community. That is why Community Bank & Trust is committed to the growth and prosperity of small businesses and are determined to help our clients achieve and build on their success.
SBA loans can be used to:
- Purchase machinery and equipment
- Purchase, construct, expand or improve a building
- Acquire inventory
- Provide working capital
- Purchase an existing business or open a new business
- Refinance existing business debt on more favorable terms
- Longer term and amortization
- Improved cash flow through a lower monthly payment
- Larger loan amount than may otherwise be available
- Lower down payment may be possible
- No balloon payments
SBA Loan Program Comparison
|Standard 7(a) Loan||SBA Express Loan|
|Eligible Use of Proceeds||
|Guaranty Fee Paid to SBA||
* SOURCE: Small Business Administration. Based on total dollar volume of SBA lending by banks in Iowa between FY2009-FY104.
Frequently Asked Questions
Am I eligible for an SBA loan?
There are certain criteria that must be met in order to qualify for an SBA loan. The business must:
- Operate for profit
- Be located in the United States
- Meet credit qualifications
- 51% owned by citizen or legal permanent resident (LPR)
What information do I need to apply for an SBA loan?
Once you've decided to apply for an SBA loan, you will need certain information to apply. A Community Bank & Trust SBA specialist will help walk you through this process. Prior to meeting with us, use this checklist to gather the necessary information:
- Personal financial statement
- Business plan
- Income tax returns (personal and business)
- Business financial statements (less than 60 days old)
- Bank statements
- Legal documents
What will my banker ask me?
- The following information is what you need to know before coming in to see a Community Bank & Trust lender.
- Why are you applying for this loan?
- How will the loan proceeds be used?
- What assets need to be purchased, and who are your suppliers?
- What other business debt do you have, and who are your creditors?
- Who are the members of your management team?
Questions? Call to speak to one of our trusted commercial lenders today. 319.291.2000