With Small Business Administration (SBA) loans, clients find greater flexibility for many uses such as acquiring a business, making payroll, paying bills, buying equipment to take advantage of new opportunities, and more. As an SBA-designated Preferred Lending Partner, Mi BANK is recognized as a top-tier SBA provider, helping you navigate the SBA loan approval process more efficiently.
A popular small business loan program, the 504 loan provides security of longer amortization and fixed-rate financing — without frightening balloon payments. It also features 90% financing, which makes it desirable to small business owners. This loan can be used for fixed assets and related costs that promote the growth and development of your business, including:
- Buying land, including existing buildings
- Making improvements, including grading, street improvements, utilities, parking lots, and landscaping
- Building new facilities or modernizing, renovating, or converting existing facilities
- Buying long-term machinery or equipment
With a maximum small business loan amount of $5 million, the 7(a) loan is attractive to many owners of small-to-medium sized businesses who use them to fund their new business and capital needs. With favorable repayment terms and fixed interest rates, they’re a predictable source of capital to improve cash flow and start or expand your business. Our seasoned small business loan experts can help you navigate the requirements of getting a 7(a) loan for:
- Establishing a new business
- Acquiring an existing business
- Long-term working capital for operational expenses, accounts payable, purchasing inventory
- Short-term capital needs for seasonal financing, construction financing, and exporting
- Purchasing equipment, machinery, furniture, supplies, and real estate
- In some cases, refinancing existing business debt
SBA EXPRESS LOANS
SBA Express loans are a simple way to receive expedited, amortized government-guaranteed financing for your small business. Entrepreneurs can be granted up to $350,000 of capital in the form of either a term loan or line of credit. Once received, this capital may be used for various business purposes.