SBA7(a) Loans in Nevada
Operating in one of the fastest growing states, SBA7a.loans works in Nevada’s thriving business hubs including Las Vegas, Henderson, and Reno. We provide a financially sound way to open your small business and grow it in Nevada.
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At SBA7a.loans, we have extensive experience in capital markets. We specialize in connecting you with the best terms for your business mortgage or CRE loan.
SBA7a.loans works in Nevada’s thriving business hubs including Las Vegas, Henderson, and Reno. We provide a financially sound way to open your small business and grow it in Nevada.
Whether buying commercial real estate, building a new facility, taking over a business, or repairing capital, an SBA 7(a) loan can help. With flexible terms, low interest rates, and a maximum loan amount up to $5 million, you can be on your way to becoming an entrepreneur today.
Also Check Out: SBA Loans to Buy a Business
However, various financial institutions have rules and criteria that can be confusing. At SBA7a.loans, let us navigate through the offerings to find you the best lending options. With SBA7a.loans, you will definitely find the right choice for your SBA business mortgage in Nevada. Contact us now for a free consultation.
Or, simply fill out the form below to apply for an SBA loan quote!
What are the eligibility requirements for SBA7(a) loans in Nevada?
The eligibility requirements for SBA7(a) loans in Nevada are the same as for any other SBA7(a) loan. According to the Using the SBA 7(a) Loan for Equipment page, the basic eligibility requirements are:
- Your business must operate for profit. Nonprofits and not-for-profit businesses are not eligible.
- You must also have some equity in the business — this could mean you already have a profitable business, or you could use your own personal equity as collateral.
- If you have any alternative financial resources, you must have used them first. For example, if you have a personal savings account or are able to get a personal loan, then you must first pursue those options before applying for an SBA 7(a) loan.
- The business owner cannot be on parole.
- You must be doing business in the U.S. or its territories.
For more information on SBA7(a) borrower eligibility requirements, please visit What Are SBA 7(a) Borrower Eligibility Requirements?
What are the advantages of SBA7(a) loans in Nevada?
The advantages of SBA7(a) loans in Nevada include flexibility in underwriting, often lower interest rates than other comparable financing options, long loan terms (up to 25 years for real estate, 10 years for equipment, and 10 years for working capital or inventory), and flexible collateral requirements. Additionally, lenders are prohibited from charging certain fees, including insurance service fees, add-on interest charges, legal service fees (with some exceptions), and broker referral fees.
For more information, please visit SBA7(a) Loans in Nevada and SBA 7(a) Loans for Small Businesses.
What are the maximum loan amounts for SBA7(a) loans in Nevada?
What are the repayment terms for SBA7(a) loans in Nevada?
The repayment terms for SBA7(a) loans in Nevada vary depending on the type of loan. For commercial real estate loans, the loan term is up to 25 years. For equipment loans, the loan term is up to 10 years. For working capital loans, the loan term is also up to 10 years. The maximum loan size is up to $5 million and the maximum interest rate is between 7.25% and 9.75%.
For more information, please visit www.sba7a.loans/sba-7a-loans-small-business-blog/sba7a-loans-in-nevada and www.sba7a.loans/sba-7a-loans-small-business-blog/what-is-an-sba-7a-loan.
What are the fees associated with SBA7(a) loans in Nevada?
SBA 7(a) loans in Nevada have a range of interest rates, depending on loan principal and whether or not real estate is involved. In addition to interest rates, borrowers are also required to pay a guarantee fee, a prepayment penalty, and an annual service fee.
The guarantee fee varies depending on the exact size of the loan:
Loan Amount Guarantee Fee $150,000 - $700,000 3% $700,000 - $1 million 3.5% $1 million - $5 million 3.5%, plus an additional 0.25% for the amount over $1 million.
The prepayment penalty varies depending on the year in which the loan is paid off:
Year Prepayment Penalty 1 5% 2 3% 3 1%
Finally, borrowers are also required to pay an annual service fee of 0.52% of the loan amount.