SBA Loans

Obtaining financing can be one of the most difficult challenges confronting any business person. At Community Bank, we try to make it easy for you with our prompt, personalized service and comprehensive product line. In addition to our standard business loans, we feature financing through programs administered by the U.S. Small Business Agency.

Small Business Administration (SBA)

Purchasing a new business, expanding an existing one or buying a commercial building can be an uncertain proposition for both borrower and lender. Working with the SBA gives us greater flexibility in approving your loan request. SBA loans can also offer advantages to small businesses through extended loan terms and competitive pricing.

Community Bank is an SBA Preferred Lender, which allows for faster processing of your loan request.

We offer loan products for a variety of purposes:

Under the SBA’s 7a or 504 loan program, Community Bank offers financing for commercial real estate purchases with as little as a 10% down payment.

Loan terms can be up to 25 years with limited pre-payment penalties.

Community Bank will need the following items to begin the loan application process:

  • Business tax returns for the last three years
  • Interim financial statement dated within the last 60 days
  • If borrower has ownership in affiliate businesses, we will need copies of the last three years tax returns and financial statements
  • Personal financial statement and the last three years tax returns from all individuals with 20% or more business ownership
  • Copy of executed purchase agreement or escrow instructions
  • Completed loan application documents

Community Bank offers financing for acquisition of existing businesses or for acquisition of 100% stock ownership or partnership buy-out.

Community Bank will need the following items to begin the loan application process:

From the seller:

  • Tax return for the last three years
  • Financial statements for the last three years
  • Interim financial statement dated within the last 60 days
  • Copy of accounts receivables and accounts payables
  • Description of business
  • Copy of the Purchase Agreement
  • Copy of existing Lease Agreement

From the borrower/buyer:

  • Business tax returns for the last three years
  • If borrower has ownership in affiliate businesses, we will need copies of the last three years tax returns and financial statements
  • Personal financial statement and the last three years tax returns from all individuals with 20% or more business ownership
  • Completed loan application documents

Under the SBA’s 7a or 504 loan program, Community Bank offers 100% financing with terms from 7-10 years depending on the life expectancy of the equipment.

Community Bank will need the following items to begin the loan application process:

  • Business tax returns for the last three years
  • Interim financial statement dated within the last 60 days
  • If borrower has ownership in affiliate businesses, we will need copies of the last three years tax returns and financial statements
  • Personal financial statement and the last three years tax returns from all individuals with 20% or more business ownership
  • Copy of equipment bids or invoices
  • Completed loan application documents

Community Bank offers 100% refinancing of business debt. The loans to be paid off must have unreasonable terms, such as short maturities or high interest rates.

Community Bank will need the following items to begin the loan application process:

  • Business tax returns for the last three years
  • Interim financial statement dated within the last 60 days
  • If borrower has ownership in affiliate businesses, we will need copies of the last three years tax returns and financial statements
  • Personal financial statement and the last three years tax returns from all individuals with 20% or more business ownership
  • Copy of all notes/leases to be refinanced
  • Completed loan application documents

Community Bank offers financing for the purchase or start-up of an approved franchise. Loan proceeds can be used to pay for the franchise fees, leasehold improvements, equipment purchase and working capital.

Community Bank will need the following items to begin the loan application process:

  • Copy of the franchise agreement and offering circular (if not on the list of approved franchises, see www.franchiseregistry.com)
  • Business tax returns (if any) for the last three years
  • Interim financial statement (if any) dated within the last 60 days
  • One-year cash flow projection
  • Business plan
  • If borrower has ownership in affiliate businesses, we will need copies of the last three years tax returns and financial statements
  • Personal financial statement and the last three years tax returns from all individuals with 20% or more business ownership
  • Estimated cost breakdown of leasehold improvements and equipment
  • Copy of lease agreement
  • Completed loan application documents

Community Bank offers construction financing for building improvements or leasehold improvements.

Community Bank will need the following items to begin the loan application process:

  • Business tax returns for the last three years
  • Interim financial statement dated within the last 60 days
  • If borrower has ownership in affiliate businesses, we will need copies of the last three years tax returns and financial statements
  • Personal financial statement and the last three years tax returns from all individuals with 20% or more business ownership
  • Copy of construction cost breakdown
  • General contractor/builder’s information and reference form
  • Copy of contractor requirements
  • Proof of builder’s general liability insurance ($2,000,000 coverage)
  • Resume to include three projects completed within the last three years
  • Completed loan application documents

For more information on how Community Bank can help meet your financing needs, please call our SBA Department at 1-866-465-4SBA (4722). We look forward to working with you.