7(a) SBA Loans
The 7(a) Loan is the SBA’s primary program for helping new and existing small businesses obtain the financing they need to grow and succeed in today’s marketplace.
It can provide funding for things such as:
- Owner User Real Estate
- Business Purchase, Startup, or Expansion
- Partner Buyout
- Working Capital
- Commercial Real Estate – Up to 25 Years
- All other purposes – Up to 10 Years
- Up to $5 Million
- Longer Term – Fully Amortized, No balloon payment
- Lower Monthly Payment
- Many business purposes, or combination of purposes
- Competitive Rates
The team at Crossroads works with businesses to understand the unique needs of each applicant to formulate a solution that meets their specific needs.
As an SBA licensed Small Business Lending Company, Crossroads combines the benefits of the 7(a) program with the expertise of its highly experienced financing specialists to quickly provide the funding for your business.
The Lending Process
Step One – Consultation & Prequalification
The first step is for us to get to know you and your business. This process involves an initial discussion to understand your financial needs and a submission of an application package for us to review. At the end of the review, the goal is to issue you a letter of interest proposing the basic terms and conditions of the intended loan.
Step Two – Underwriting
After you accept our proposed terms and provide us with a good faith deposit to be used towards loan related fees, we will begin the process of formal underwriting. During this process, our underwriters will analyze your business financials, and all other pertinent information. Any appraisals or third-party reports will be ordered during this time, the results of which will be included in the underwriter’s analysis.
Step Three – Review & Approval
Upon completion of all due diligence, our credit committee will review the request and decide whether to approve the loan. Upon approval, we will submit to the SBA for their review and concurrence of approval, which we call an Authorization.
Step Four – Closing
Once the credit committee and SBA have approved the loan, we will collect any remaining documentation that may be necessary, prepare loan documentation, and schedule a signing with you. Once the documentation is all signed, and reviewed for correct completion, we can fund your loan!