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COMMERCIAL LENDING - SBA Loans

Business Loan 7(a) Program

A general word on SBA loans: East West Bank's Small Business Administration (SBA) Loan Department is committed to helping small businesses obtain the financing needed to expand and grow. East West Bank is a SBA Preferred Lender.

We offer customers the personalized expertise and professional guidance that only East West Bank can provide. For the past 41 years experience and over $26 billion in assets, having East West Bank as your long-term partner gives you the strongest independent bank in California as a trusted ally.

 

What it is:

> An SBA 7 (a) loan gives small to medium-sized businesses, established entrepreneurs, and professionals access to non-traditional sources of capital. The difference between this type of financing and conventional financing is the government guarantee - which can be for up to 85 percent of the loan amount!

 

Borrowing Limit:
> You can access a credit up to $5,000,000.
 

Terms and Rates:

> Terms range from 7 to 25 years, depending on the use of proceeds.
> Rates are variable and usually do not exceed 2.75 percent over the Wall Street Journal Prime.
 

How It Can Be Used:

> An SBA loan can be used for any recognized business purpose, including but not necessarily limited to the following:
 
> To buy an existing business
> As working capital
> To refinance existing business debt
> To purchase equipment
> To purchase real estate for business purposes
> To make leasehold improvements to commercial properties
 

Defining a Small Business:

> There are size limitations (maximums) to qualify for an SBA loan, based on your business's NAICS code. The following are guidelines only; please contact us to discuss your particular business.
 
> Manufacturing - maximum 500 to 1,500 employees.
> Wholesaling - maximum of 100 employees.
> Services - maximum of $3.5 to $14.5 million, three years average gross sales.
> Retailing - maximum of $5 to $20 million three years average gross sales.
> Alternatively, if your company's net worth is less than $15 million and 2-year average income is less than $5 million, you are eligible for SBA loans.
 
How to Apply:
> It's easy! When applying for an SBA loan - as with any loan - you are asked to fill out a standardized application and provide specific documentation. At East West Bank, we provide a simplified package for the process. We will work with your accountant, and do all of the analysis, packaging, and SBA interfacing for you.
 

Turnaround Time:

> East West Bank is a designated PLP (Preferred Lender Program) lender and we are delegated the authority by the SBA to process, close, and service most SBA guaranteed loans without prior SBA review. For a typical SBA 7(a) loan, submission from completed application to disbursement of funds takes approximately 30 to 60 days, depending on the complexity of the loan.
 

A final note: At East West Bank, we serve our customers with promptness and expertise. We not only believe an SBA loan is a great source of funding for small businesses, but we put that belief into action. We're extremely knowledgeable in the field, and try to match our customers' financial needs to the most appropriate program available.

 

GET STARTED NOW: To speak with our Small Business Lending specialists in more detail, submit this online form or call (888) 245-1756.

 

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