Lake County Partners CDC 7a Loan Program
This loan program provides working capital for companies by guaranteeing a portion of a bank loan. SBA may guarantee up to 85% of loans $150,000 and less; and up to 75% of loans from $150,000 to $2,000,000.
| Program Details |
| Purpose: |
In addition to working capital, this program can also be used to buy land, build a building or renovate and existing building or purchase equipment. |
| Eligibility: |
Either a creditworthy startup or an existing for-profit businesses that fit under the small business classification for their industry. |
| Ineligible Projects (not all inclusive): |
Rental real estate, speculative businesses and gambling enterprises. |
| Loan Amount: |
Up to a $2,000,000, with an SBA guaranty of $1,500,000. |
| Term: |
Up to 7 years for working capital and 25 years for real estate and equipment. |
| Rate: |
Maximum of Prime + 2.25% if less than 7 years and Prime +.75% if over 7 years. |
| Application Process: |
Apply at your local bank; brought to SBA for loan guarantee approval. |
| Fees: |
2% of guaranty portion for loans of $150,000 or less; 3% of guaranty portion for loans of $150,000 to $700,000; 3.5% of guaranty portion for loans greater than $700,000; For loans greater than $1,000,000, an additional .25 percent guaranty fee will be charged for that portion greater than $1,000,000. The portion of $1,000,000 or less would be charged a 3.5 percent guaranty fee. The portion greater than $1,000,000 would be charged at 3.75 percent. |
| Job Criteria: |
None. |
| Other Requirements: |
Personal guaranty of owners; owner’s equity; meet bank credit standards. |
| For more information: |
Contact Frank Brisbois, VP of Commercial Lending, at 847- 247-0137, ext. 225 or at fbrisbois@lakecountypartners.com for more information and assistance with this program. |
Note: This program overview is intended as a reference only. Some details may have changed since publication and/or not be reflected in the description. For specific application information for this program, please contact Frank Brisbois, Vice President of Commercial Lending, Lake County Partners at (847) 247-0137.
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