SBA Loans in VA & NC
SBA Loans are a type of government-backed financing for small businesses. SBA-approved lenders like American National make SBA loans to local businesses. Decisions are made locally by bankers in your community. Learn about the different types of SBA Loans:
- SBA 504 Loans: Offers long-term, fixed-rate loans of up to $12 million to purchase fixed assets for expansion or modernization.
- SBA 7(a) Loan: The SBA's most popular loan program; offers up to $5 million in general business financing. businesses.
- Microloans: Specifically for new businesses; offers up to $50,000 for start-up and expansion costs.
When to Apply For SBA Loans
SBA Loans are designed to help small businesses that may not be able to obtain conventional commercial financing. They offer several unique benefits such as competitive rates and terms, lower down payments, and flexible overhead requirements.
These loans have different features and terms than conventional loans and can offer businesses several key advantages. The primary benefit to small businesses is an easier approval process because the Small Business Administration assumes some of the risk from the loan, enabling lenders to offer more flexible terms and affordable interest rates.
Alternatives to Small Business Loans
While SBA loans offer certain advantages, they also require more paperwork to meet regulatory requirements. If you don’t want to go through the SBA process, consider our other business loan options such as Equipment Financing, Commercial Real Estate Loans, and Receivable & Inventory Financing.
Why choose AMNB for SBA Loans?
With local, knowledgeable bankers, your business benefits from quick turnaround times by people who know the market. American National’s tradition of community banking dates back over a century to our founding in 1909. We believe being local is more than just having an office in the community. It's about looking out for local businesses with better banking options and quick, local decisions. Whatever type of commercial financing you need, we are a reliable financial partner for local businesses. With multiple banking locations in Virginia and North Carolina, our experienced team of lenders are dedicated to helping businesses run more efficiently. Have questions? Contact your nearest AMNB commercial lender or schedule an appointment to discuss your small business loan needs.
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