Small Business Administration (SBA) Loans
For current small business owners and budding entrepreneurs looking for secure funding to launch or upgrade their businesses.
What is a Small Business Administration (SBA) Loan?
Backed by the US Small Business Administration, SBA term loans and lines of credit provide secure funding options with lower down payment options as well as more flexible qualification requirements and repayment terms—for small businesses who may not qualify for traditional commercial financing. SBA loans can be used for many small business needs including working capital, business expansion, and property and other large purchases.
Like traditional commercial loans, you can apply for an SBA loan through community banks like Field & Main, who partner with the Small Business Administration to deliver accessible financing to local businesses.
SBA loans can be used by a variety of small businesses including:
- Boutique hotels and restaurants
- Shops, small grocers, bookstores, and other retail businesses
- Small manufacturing companies
- Mechanical trade businesses
- Independent healthcare facilities
- Agricultural businesses and farms
SBA Loan Options
SBA 7(a) Loans
Long and short-term loans and lines of credit of up to $5 million to be used for:
- Working capital and inventory
- Refinancing business debt
- Equipment, furniture, fixtures, and supplies
- Commercial properties and land
- Building, renovation, or expansion of a property
- Acquiring a business or expanding an existing business
Loan term lengths vary from up to 10 years (equipment, working capital, and inventory) to up to 25 years (real estate).
SBA 504 Loans
Long-term fixed rate loans of up to $5 million to be used for financing fixed assets including:
- Commercial properties and land
- Building, renovation, or expansion of a property
- Long-term machinery and equipment
Loan term lengths come in 10, 20, and 25 year options.
How do you apply for an SBA Loan?
To apply for a small business administration loan, you’ll typically need to have:
- A good credit score
- Low debt-to-income ratio
- Business records for at least two years
- A business plan
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Why Get a Small Business Loan with Field & Main Bank?
At Field & Main, our lenders live and work in the communities they serve and are dedicated partners in the success of your business. With Urgency & Care that you would expect from your local trusted advisor, Field & Main Bank continually strives to meet your small business banking needs. We offer exceptional accessibility and availability, before, during, and after your loan closes, with direct lines of communication. And because we’re based right here in Central Kentucky, Western Kentucky, and Southern Indiana, you can take advantage of fast, local decision-making and in-person, one-on-one assistance, when you need it most.
Apply for an SBA Loan
Ready to take advantage of our competitive rates and dedicated, local service? Contact us to apply for a small business loan or visit one of our convenient branches in Henderson, Cynthiana, Evansville, and Lexington.
