SBA 7(a) Loan Programs, Rural USDA
No geographic or population restrictions
Minimum credit score 580(may need letters of explanation if below 580)
Loan amounts: 250k to 5 million max
90 to 180 days to close
Full doc loans with 2 years tax returns
Borrower must have 1 year of direct or related experience for eligibility or bring on a partner who has the needed experience.
Fixed rate loan
Max. loan amount is 90% you bring 10% down to close
Interest rate WSJ + 4% subject to change.
Prepayment penalties on loan per government.
Finance office, retail, mixed-use, industrial, commercial condos, manufacturing, warehouse, self storage, auto service, funeral home, bars/night clubs, adult living facilities, daycare, marinas, restaurants, hotel/motel, gas stations, campgrounds, bowling alleys, and others. Buy a franchise, existing business with or without real estate.
Business only no real estate or with real estate attached
All industries can be considered
Nationwide, no geographic or population restrictions
Both programs will lend to foreign nationals with green card.