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SouthState

South State Bank
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COMPARE SBA LOAN OPTIONS

Compare Your Loan Options

Our experienced team of SBA Lenders will help you determine the right loan for your business.

What SBA Loan Works For Your Business?

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SBA 7(a)

From $350,000 up to $5 Million

SBA 504

 

USDA Loans

Maximum Loan Amount $100,000,000

Structure
  • Varies – depending on the use of proceeds. 
  • 10% down payment generally required. 
  • Fully Amortizing.
  • 50% 1st Mortgage/Lien Bank Loan
  • 40% 2nd Mortgage/Lien SBA 504 Loan
  • 10% Down Payment
  • USDA 80% guarantee.
  • Varies - depending on the use of proceeds.
  • 10% - 25% balance sheet equity required.
  • Fully amortizing.
  • Eligible businesses include for-profit and not-for-profit entities.
Term
  • Up to 25 years.
  • 25 years for Real Estate
  • 10 years for Goodwill, Equipment, Working Capital in most cases.
  • Term can be blended across several asset classes.
  • 10 year balloon on bank 1st Lien with an amortization schedule of up to 25 years.
  • 25 years fully amortizing SBA 504 2nd Lien.
  • Up to 40 years.
Use of Proceeds
  • Acquire an existing business, including goodwill.
  • Start a Business or Franchise.
  • Purchase or Construct Commercial Real Estate.
  • Refinance Existing Debt.
  • Purchase Equipment and Machinery.
  • Provide Working Capital.
  • Construct Leasehold Improvements.
  • Purchase Inventory.
  • Purchase or Construct Commercial Real Estate.
  • Purchase or Improve Commercial Real Estate.
  • Purchase Equipment.
  • May only be used for fixed asset financing- Real Estate and Equipment/Machinery.
  • Acquire an existing business.
  • Purchase or Construct Commercial Real Estate.
  • Refinance Existing Debt.
  • Purchase Equipment and Machinery.
  • Provide Working Capital.
  • Modernization.
  • Purchase Inventory.
Program Requirements
  • 51% Owner Occupancy of Commercial Real Estate.
  • 80% Occupancy on new construction.
  • Equipment is amortized over 10 years or its documented useful life.
  • 51% Owner Occupancy.
  • 80% Occupancy on new construction.
  • Equipment financed for up to 10 years.
  • Loan funds cannot be used for projects located in cities or towns with population of 50,000 or more and not contiguous to an urbanized area of 50,000 of more.
Collateral
  • 1st Lien on Subject Assets acquired/financed with loan proceeds.
  • Personal Guarantees of 20% or more equity in the personal real estate.
  • Life Insurance may be required.
  • 1st Lien on Subject Fixed Assets acquired/financed with loan proceeds.
  • Personal Guarantees of 20% or more owners.
  • Life Insurance may be required.
  • First lien position on assets acquired or financed with loan proceeds.
  • Personal and corporate guarantees required.
  • Key-man life insurance required.
Fees
  • SBA Guaranty Fee – Averages 2.5%+/- of the loan amount.
  • Self-Funding Program.
  • Fees are financed in the loan.
  • 2% of the 2nd Lien Amount – SBA Fee.
  • Bank Fees Vary, 1% of the 1st and 2nd lien is typical.
  • Fees can be financed in the loan.
  • USDA Guarantee Fee - 1.5% to 3% of the guaranteed amount - one time fee paid by borrower at closing.
  • USDA Annual Maintenance Fee - .5% of the outstanding gauarneteed portion due annually and paid by borrower.
  • Bank Fee - Up to 1.5% of the loan amount.
Rates
May be fixed or variable.
  • 1st Lien Rates may be fixed or variable.
  • 504 2nd Lien offers a low fixed rate for up to 25 years.
  • Normally variable from quarterly to 5-year resets.

  1. All loans are subject to credit approval. 

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