Business Banking - Special Purpose Business Accounts

Small Business Administration (SBA) 7(a) Loan

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United Bank of Philadelphia provides financing assistance through the SBA 7(a) Loan Program.

This most commonly used loan product is designed to help eligible small businesses obtain financing for a variety of business purposes under the guarantee of the SBA.




Major advantages of a SBA Loan

  • Low down payment (as low as 10%)
  • Flexible requirement on collateral
  • Longer terms than most conventional loans (up to 25 years for owner-occupied commercial real estate acquisition)


Use of Funds

  • Working capital
  • Equipment and inventory purchases
  • Leasehold improvements
  • Business acquisition
  • Commercial real estate acquisition
  • Business debt refinancing


SBA Guaranteed Percentages

  • 85% guarantee for loans up to $150,000
  • 75% guarantee for loans greater than $150,000


Term

The maximum loan maturities vary depending on the use of proceeds:

  • Working capital—5 to 7 years
  • Fixed asset acquisition—7 to 10 years
  • Leasehold improvements—7 to 10 years
  • Business acquisition—10 years
  • Commercial real estate acquisition—up to 25 years


Interest Rate

Variable rate tied to the Wall Street Journal Prime Rate plus a margin.


Eligibility Requirements

  • Business must meet the SBA size standards as to annual gross sales or number of employees
  • Business must be a for-profit operation
  • Business must be located in the United States




For more information, contact:

Coston Cobbs, Senior Lending Officer
E: Ccobbs@ubphila.com
T: 215-231-3692

Juliette Williams-Holmes, Commercial Lender
E: Jwilliamsholmes@ubphila.com
T: 215-231-3679

Download the United Bank of Philadelphia SBA 7A Loan Brochure>>