SBA Loan Programs for Small Businesses

SBA Loans for Central Ohio Businesses

Benchmark Bank plays an important role in helping small businesses grow in Central Ohio. We partner with the U.S. Small Business Association (SBA) to offer SBA 7(a) Loans and 504 Loans. SBA guarantees a portion of these loans, which helps our small business customers. With the SBA, we can offer more viable loan options that will best fit your business.

Learn more about SBA (7a) Loans and CDC/504 Loans.

SBA 7(a) Loans

The 7(a) Loan Program is the most common loan program offered by the SBA. This small business loan is best for new businesses and established businesses that are looking to

  • Expand current business
  • Acquire another business
  • Manage current cash flow

7(a) Loans provide more flexibility than other types of business financing. They offer the following:

  • Fixed or variable interest rates
  • Maximum interest rate of Prime + 2.75%
  • Terms up to 25 years

7(a) Loan Eligibility

Eligibility for a 7(a) Loan is based on a business’ principals and certain aspects, such as where the business operates, the character of its ownership, and what the business does to receive its income.

Contact a Benchmark Business Banker to learn more about 7(a) Loans.

Certified Development Company (CDC) / 504 Loans

A Certified Development Company (CDC) is a nonprofit organization that helps to empower, stabilize and revitalize local communities. These organizations are set up to contribute to the economic development within its community. A CDC works with the Small Business Association (SBA) to provide financing through the CDC/504 Loan Program. The 504 Loan provides longer term financing for businesses that are planning to expand.

A 504 loan can be used for the following purchases:

  • Commercial real estate
  • New building or equipment acquisitions
  • Construction of additional facilities or renovating/converting existing facilities

This loan encourages economic growth and job creation through requirements to meet certain local economic objectives, such as revitalization and redevelopment, income generation or business development.

504 Loans feature the following:

  • Lower down payments
  • Fixed or variable interest rates
  • Terms up to 20 years

Contact a Benchmark Business Banker to learn more about CDC/504 Loans.

Get more information about SBA loans

Benchmark Bank is an approved SBA lender. Loans subject to underwriting criteria. Talk to a Benchmark Business Banker for details.