Small Business Loans

Learn About Your SBA Loan Options

The Small Business Administration was founded in 1953 to help small firms get the resources they need to succeed. The Administration provides information and advice, but it also offers a wide range of financing programs. Whether you need land, equipment, capital or money to purchase another business, the Administration may have funds available for you. TCF Capital partners with the agency to offer SBA loans.

The Administration’s 7(a) and 504 Loans

The Administration has many small business loan programs, but its 7(a) and 504 are the most well-known. Both loan programs provide funding for equipment and real estate. Many kinds of properties are eligible for these loans: auto repair companies, gas stations, childcare facilities, hotels, veterinary practices and more. The agency’s 7(a) loans are granted for specific purposes:

  • Furniture, fixtures and supplies
  • Equipment
  • Land and buildings
  • New construction
  • Renovation
  • Working capital
  • Debt refinancing

Meanwhile, 504 loans focus on fixed assets. Besides real estate, new construction and existing buildings, it can purchase heavy equipment and pay for improvements. Applicants can qualify for 7(a) or 504 loans of up to $5 million, with available funding for LTVs as high as 90%. These loans are fully amortized, with terms of up to 25 years.

Business Acquisition Loans

The SBA also offers loan funds to purchase other businesses. These loans fund up to 80% and have terms as long as 15 years. Like 7(a) and 504 loans, this financing is amortized with no ballooning. You also don’t need to worry about prepayment penalties.

TCF Capital has a diverse portfolio with several types of commercial finance products. Whether you’re looking for a small business loan, franchise loans, accounts receivable financing, commercial real estate loans, purchase order loans or another type of financing, we can help. Our certified financial specialists can recommend the best options for your company. Contact us today to apply for financing or find out more.