Being an SBA Preferred Lender allows us to partner with the Small Business Administration and make decisions locally. This means Academy Bank doesn’t have to send your SBA loan application to the Small Business Administration for approval. This speeds up the application process and allows for Academy Bank to provide quicker decisions and access to the funding you and your business need.
We offer a variety of SBA loans which include:
SBA 504 Loans - designed for fixed asset financing such as purchasing equipment, land, building, and ground up construction. The SBA 504 loan includes a private sector lender (Academy Bank), Certified Development Company (CDC), and the borrower/small business. Generally, the private sector lender will lend 50%, CDC lends 40% and you, the borrower, are responsible for the remaining 10% (subject to change if new business, and/or special use property).
SBA 7(a) Loans - great for small businesses that are seeking to start a business, buy a business, buyout a partner, refinance debt, building construction, purchasing land, commercial real-estate, furniture, fixtures, equipment, leasehold improvements, working capital, and purchasing or starting a franchise. In addition to term loans, the 7(a) loan program has options for lines of credit, export loan programs, and special purpose programs.
SBA Express - offers a term loan and revolving line of credit. These loans are less complex and offer a quick turnaround and less documentation.
SBA Loan Benefits
- Competitive terms
- Competitive loan interest rates
- Lower down payments
- No collateral needed for certain loans
- Longer repayment terms
- Lower monthly payments
- No balloon payments
- Lower equity requirements
To get started, send an email to SBALoansAB@academybank.com.