- Purchase land & building
- Land acquisition, along with building construction
- Building expansion
- Equipment
- Minimum of $500,000
- Maximum depending on overall loan structure
- Maximum SBA amount is $5,000,000
- There is no maximum loan amount for the Bank financing, but the bank must finance a minimum of 50% of the project cost for 504. Loans
- Amortization: 10 to 30 years for real estate, 7 to 10 years for equipment.
- Term: Minimum of 10 years for real estate; minimum of 7 years for equipment.
Yes! In addition, the ownership in the real estate does not have to be the same as the ownership of the business, but a guarantee by the business and the property owners will be required.
An environmental questionnaire is required on all properties. A TSA is required on all properties, except bare land that has never been farmed. A phase I environmental report may be required if additional investigation is needed.
The appraiser must be qualified to prepare a commercial real estate appraisal report. Submissions to SBA can be subject to receipt for an appraisal report. Complete appraisals are generally required. Bank staff appraisers must be pre-approved by SBA.
Anyone who owns or is starting a business in the State of New Jersey is eligible for financing, provided that they hold a valid residence and work permit, or if the business is at least 51% owned by a U.S. citizen—in which case the majority owner must also apply.
- Submit a completed application (PDF) and all supporting documentation.
- The loan officer will review your application and call to discuss your financial needs.
- The loan officer will determine if your loan request should be presented to the loan committee for approval.
- Three years of personal tax returns
- Three years of business tax returns (for existing businesses)
- Copy of draft lease (if applicable)
- Evidence of owner's contribution to the project
- Copy of operating agreement for all corporations, LLC & LLPs
- Evidence that the business is current on all state and payroll taxes
In-Office Document Processing
Please note that the following items will be prepared and processed directly at our office by our dedicated team:
- Completed and Signed Application
- Business Plan for All Start-Ups
- Financial Projections
Our staff is equipped to ensure that these critical components are handled with the utmost professionalism and accuracy. Should you require any assistance or additional information, please feel free to contact our office.
- A completed and accurate application form
- Submit a detailed, written business plan
- Start-up entrepreneurs must have experience in the proposed business
- The business owners must have a reasonable credit rating
- The business must generate sufficient income to repay the loan
- Owners must contribute at least 10% of the project financing
This is not a quick process, but we will try to make a determination on your loan request as soon as possible.
Once received, your application and business plan will be reviewed, and all facts must be verified.
Of course, good credit is better than bad credit. Your personal finances will be an integral factor in determining whether SBA can approve a loan for your small business.
You can request a copy of your own credit report by visiting:
- Experian 888 397-3742
- TransUnion 800 916-8800
- Equifax 888-378-4329