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Please note our holiday hours: Monday, May 27, 2024 - Closed in observance of Memorial Day. Online access to your account(s) will not be affected.

SBA LOANS

For businesses with special credit needs, a Small Business Administration Loan can help you start, purchase or grow your business.

Provident is an SBA Preferred Lender - which means we can approve your small business loan application directly, without waiting for approval from the Small Business Administration.

SBA 7(a) Loan

With flexibility on terms and business uses, this is the most common SBA loan product. If you are in search of a loan for acquisitions, partner buyouts, real estate purchases, a start-up, franchises, refinancing and more, an SBA 7(a) loan is a great option.

Benefits of a SBA 7(a) loan include:

  • Up to 90% bank financing
  • Fully amortized/no balloons
  • No pre-payment penalties for loan terms under 15 years

SBA 504 Loan

Although the eligibility requirements for a 504 loan are very similar to that of the 7(a) loan program, the approved uses of the loan differ. The proper uses of a 504 loan include buying commercial real estate, financing improvements within that real estate, and purchasing large equipment.

Benefits of an SBA 504 loan include:

  • Low down payment (typically 10%) conserves your cash
  • Fixed or floating interest rates available

Quick Approval of SBA Loans

At Provident Bank, our SBA Loans offer flexible qualification requirements, long repayment terms up to 25 years, and high borrowing limits—from $200,000 to $5 million. As an SBA Preferred Lender, we can directly approve your loan application without waiting for the Small Business Administration’s decision. This streamlined application process will get you the money you need faster!

  SBA 7(a) Loans SBA 504 Loans
Loan amount Up to $5 million Up to $15 million
Loan common uses
  • Business and real estate acquisition
  • Refinance existing business debit
  • Initial working capital, inventory, soft costs, and closing costs
  • New construction and renovations
  • New equipment purchases
  • Partner buy-outs
  • Building expansion or renovations
  • Acquire an existing building
  • Refinance eligible business debit with equity cash-out opportunity
  • Fixed assets from a business acquisition
  • Green certification
Loan terms
  • Real estate debt up to 25 years
  • Non-real estate debt up to 10 years
  • Terms can be blended if debts include both real estate and non-real estate
  • 20 or 25 years
Loan interest rates
  • Variable and fixed rates
  • Variable and fixed rates
Loan fees
  • SBA guarantee fee: 2 - 3.5% of guaranteed loan portion
  • Packaging, third party reports, lien filings, title charges, etc.
  • 2 - 4% of total financing
  • Third party reports, lien filings, title charges, etc.

Important Information:
1. Lower down payments may result in higher monthly payments and a higher loan balance.
2. All loans are subject to credit approval.
3. SBA fees vary based on the type and term of the loan. Additional fees and/or charges, not described on this page, may apply.

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