Business Loans

US Small Business Administration 7(a) Loan

Product Description:

United Bank of Philadelphia provides financing assistance through the US Small Business Administration (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 Guarantee 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 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

United Bank of Philadelphia Financing Guide

Loan Resources:

The SBA connects entrepreneurs with lenders and funding to help them plan, start, and grow their business.

For over 50 years, SCORE has served as America's premier source of free, confidential business education and mentoring.

The Temple University Small Business Development Center provides exceptional training opportunities for start-up and existing business owners.

The NJ Small Business Development Center (NJSBDC) at Rutgers-Camden provides comprehensive consulting services and educational opportunities to small business owners and potential owners throughout the State of New Jersey.

Construction Loan

Product Description:

  • A Construction Loan provides funds to renovate an existing office, plant, or facility, typically over a period of six to nine months. Upon completion, the construction line of credit will be converted to a permanent Mortgage Loan.

How to Apply:

Commercial Mortgages

Product Description:

  • Commercial Mortgages are used to purchase, refinance or renovate a variety of commercial properties, including office buildings, mixed-use properties, and multi-family apartments.

How to Apply:

Commercial Term Loans

Product Description:

  • A Term Loan can provide the financing you need to grow your business. They are especially appropriate for long-term capital requirements, such as:

  • Office improvements

  • Purchase of machinery

  • Purchase of vehicles

Fixed and floating rate loans are available.

How to Apply:

Non-Profits

Features:

Designed specifically for non-profit organizations to cover funding needs between grant and/or receivable payments

  • Borrower must have a specific repayment source that can be pledged as collateral

  • Customized pricing based on lending requirements and bank relationship

How to Apply: