Hanover Bank
Areas Served: Nationwide (HQ: New York)
Loan Range: $250,000 - $5,000,000
Loan Rates: WSJP +1.5%
Minimum Credit Score: 680
Discover flexible financing solutions designed to help your small business grow.
As a leading, National SBA Lending team we are here to support you through the loan application process striving to close your loan within 30 – 60 days. SBA (Small Business Administration) loans, partially guaranteed by the U.S. Government, allow small business owners to obtain funding with less equity or collateral than a conventional loan requires.
SBA Loan Uses
Loans can be used for a variety of qualifying purposes, including purchasing real estate or equipment, acquiring a business, or working capital.
We are pleased to offer our clients 3 SBA business loan options1:
SBA 7(a) Standard Loans
Ideal for qualified real estate purchases, business acquisitions, partner buyouts, refinancing debt, and other business uses.
- Loan amounts up to $5 million.
- Flexible terms up to 25 years.
- Limited prepayment penalties options.
SBA 504 Loans
Another viable option for real estate and equipment purchases under which borrowers contribute as little as 10% equity, and banks and SBA designated certified development companies contribute up to 90% of project costs.
- Loans up to $13.75 million, depending on eligibility.
- Flexible terms.
- Projection-based repayment.
- Up to 25-year terms for Real Estate.
Up to 10-year terms (or useful life) for Machinery and Equipment purchases.
1This is not an offer of credit. All credit applications are subject to Hanover Bank’s normal underwriting and credit approval process. Terms and Conditions apply.
