Benefit from lower payments and longer terms, guaranteed by the U.S. Government.
Kearny Bank is a Preferred SBA Lender and participates in the Preferred Lender Program (PLP) with an experienced lending team. As a PLP Lender, we have the authority to make final credit decisions, in a timely manner, on SBA-guaranteed loans. We offer SBA 7(a), 504 and Express term/line of credit programs. Loans are available up to $5 million, with terms as long as 25 years, down payments as low as 10% and flexible repayment options, making Kearny Bank a one-stop source for SBA lending.
SBA 7(a) Loan
SBA 7(a) loan, the most common type of SBA loans, can be used for a variety of business financial uses. With loan amounts up to $5 million, this loan offers long repayment terms and competitive interest rates.
SBA Express Loan (Term/Revolving Line of Credit)
The SBA Express loan follows the same guidelines as the standard SBA 7(a) loan and offers a maximum loan amount of $500,000. The SBA guarantees a maximum of 50% for SBA Express Loans (term/line of credit). Terms between 10-25 years are available. A revolving line of credit is also available with a revolving period up to 5 years.
SBA (504) Loan
The SBA 504 loan program provides SBA loans to small businesses looking to buy, refinance, renovate, or construct owner-occupied commercial real estate. The program pairs two lenders together to fund these projects, a bank or lender and a Certified Development Company (CDC). The bank lends up to 50%, and the CDC lends up to 40% while the remaining 10% of the project’s costs come from the borrower.
SBA Funds Can Be Used For
- Business acquisition
- Partner buyouts
- Land and buildings (including purchase, renovation, and new construction)
- Refinance debt
- Working capital
- Machinery/equipment purchases
- Leasehold improvements