Rock Canyon Bank’s Specialty Banking Department is a Preferred Lender of the U.S. Small Business Administration. Loans offered through our Rock Canyon Bank SBA loan program are designed to help small business owners succeed.
What are SBA loans?
SBA loans are loans offered through banking institutions like Rock Canyon Bank in partnership with the U.S. Small Business Administration. The SBA guarantees a percentage of these loans to banks, giving them more incentive and leeway to lend.
There are several options for SBA loans, each offering financing for a variety of business purposes, including:
- Adding working capital
- Purchasing inventory
- Purchasing equipment
- Refinancing other debts
- Expansion/construction of buildings
- Buying real estate
- Financing acquisitions of other businesses
Benefits of SBA Loans
There are many benefits to SBA loans, including:
- Lower down payments
- Longer payment terms
- Reasonable interest rates
- Suitable for a wide range of purposes
- Multiple programs available
Although SBA loans have a reputation for taking a long time and having excessive paperwork, our SBA loan specialists at Rock Canyon Bank help make the process as simple and pain-free as possible by working with you every step of the way to attain your SBA loan.
What types of SBA loans are available?
There are a variety of SBA loans, but the most common options are the SBA 7(a) which offers general small business loans, and the SBA 504 which provides financing for major fixed assets.
The SBA 7(a) loan program is available to almost any type of business, and can be used for working capital needs, real estate purchase, new equipment, and the expansion or construction of buildings.
This loan is designed for fixed asset financing for purchases such as real estate and equipment. Through a partnership with the U.S. Small Business Association, Rock Canyon Bank is able to offer low fixed rate options and longer payment terms.
The USDA Business & Industry loan program is offered in partnership with USDA Rural Development to improve the economic health of rural communities by providing more affordable financing for businesses in eligible rural areas. These loans may be used for construction/purchase of new buildings, purchase of new equipment, or other working capital needs.
Rock Canyon Bank also offers conventional loans on commercial real estates for investors seeking rental income.
Start your SBA Loan process today!
Our Specialty Banking Department is here to serve you. Call one of our specialists for more information on our U.S. Small Business Administration loans.