Small Business Lending

IRA Network is a nationally recognized company helping entrepreneurs achieve their business goals. We have been designated as a Preferred Financial services company by SBA lenders to have loans processed more quickly and efficiently than many others.

There are a number of advantages to an SBA loan, including longer terms, no points and no balloon payments.

Who is Eligible for an SBA Loan? Most for-profit small businesses are eligible for an SBA guaranteed loan. This includes manufacturers, wholesale, retail and service businesses as well as independent or franchise businesses.

Small Business Lending

. Retail and service businesses with sales (3-year average) not exceeding $6 million to $20 million, depending on the industry.

. Wholesale businesses with employees up to 100 regardless of sales volume.

. Manufacturers with employees up to 500 depending on the industry, regardless of sales volume

SBA 7(A) Loan Size $150,000 to $2.0 million Loan Fees

. Loan packaging fee: $750 to $2,000

. Fee is based on loan size, it is collected at the time of loan submission; refunded if declined by credit

. SBA guaranty fee: 1.70% to 2.60% of the loan amount

. Fee can be financed in the loan

Use of Proceeds

. Commercial real estate (purchases, construction, or refinance)

. Leasehold improvements

. Business expansions

. Machinery, equipment, furniture or fixtures

. Business acquisition

. Working capital (offered in conjunction with some of the above)

. Start-ups (ALL Franchises, Motels, Restaurants Gas Stations and C-Stores)

Other Credit Considerations

. Business must have adequate historic cash flow to cover the proposed debt

. Business debt to net worth must meet industry averages

. Borrowers must be actively involved in the day-to-day operation of the business

. Satisfactory personal credit histories are required for all principles and guarantors

. No past bankruptcies or felony arrests