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The SBA offers numerous loan programs to assist small businesses. SBA sets the guidelines for the loans while SBA’s partners, including Connecticut River Bank, N.A, make the loans to small businesses. Therefore, when a business applies for an SBA Loan, they are actually applying for a commercial loan, structured according to SBA requirements, which receives an SBA guaranty.
7(a) Guaranty Loan Program – The 7(a) Guaranty Loan Program serves as the SBA’s primary business loan program to help qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels. It is also the agency’s most flexible business loan program, since financing under this program can be guaranteed for a variety of general business purposes.
Eligibility factors for all 7(a) loans include: size, type of business, use of proceeds, and the availability of funds from other sources. Repayment ability from the cash flow of the business is the primary consideration in the SBA loan decision process but good character, management, capability, collateral, and
owner’s equity contribution are also important considerations.
Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.
SBA Express Loans - This fast and easy program allows for a turnaround time within 36 hours and loans made under this program generally follow SBA’s standards for size, use of proceeds, and type of business and availability of funds. The maximum loan amount for the SBA Express Program is $350,000 and revolving lines up to 7 years with maturity extensions are permitted.
Patriot Express Loan – The Patriot Express Loan is specifically designed for the Military Community including veterans, service-disabled veterans, active-duty service members participating in the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouses of service members or veterans who died during service, or of a service-connected disability. The loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases.
504 Loan Program - Provides long-term, fixed-rate financing to small businesses to acquire real estate or machinery or equipment for expansion or modernization. Typically a 504 project includes a loan secured from Connecticut River Bank, N.A. with a senior lien covering up to 50 percent of the total project cost, and a loan from a community development corporation as a junior lien covering up to 40 percent of the total project cost (funded by a 100 percent SBA-guaranteed debenture). A contribution of at least 10 percent equity is required from the borrower.
SBA CAPLines Program – CAPLines is the program under which the SBA helps small businesses meet their short-term and cyclical working-capital needs. A CAPLines loan can be for any dollar amount (except for the Small Asset-Based Line). The SBA will guarantee 75 percent up to $750,000 (80% on loans of $100,000 or less). There are five short-term working-capital loan programs for small businesses under the CAPLines umbrella:
Seasonal Line; Contract Line;Builders Line; Standard Asset-Based Line; and Small Asset-Based Line.
Connecticut River Bank, N.A. is one of the few banks authorized to participate in the Standard Asset-Based Line program.
*Details of the loan options, in addition to resources for planning your business are available at www.sba.gov.
CASH DISBURSEMENT
*Bill Payment Options – Pay bills without writing a check.
*Payroll Direct Deposit – Saves you time and money and employees really love this benefit.
COLLECTION OF CASH
*Electronically Collect Funds – Improve your cash flow by collecting funds from your customer’s accounts electronically to virtually eliminate the paperwork.
*Cash Concentration Services – Electronically transfer funds into your account from any local depository bank. This really helps businesses with multiple locations.
Simplify payment processing by allowing us to do it for you! An easy and automated way to avoid the trip to the bank everyday to make your deposit which will save you valuable time and money.
Receive Up to $30 Million in FDIC Protection with one easy-to-read Certificate of Deposit Statement, one competitive rate, no hidden fees and no need to collateralize saving you time and money. You can select from various maturities ---- ranging from 4 weeks to 5 years (260 weeks) --- and choose the terms that best suit your investment needs. You can also ladder your CDs or combine maturities. Ask us more about this exciting new product.
Complete credit/debit card processing services to suit your specific business needs. Whether you’re involved in retail, hospitality, personal services, medical or countless other industries, we have a credit card processing solution that will work for you.
Just what the doctor ordered, a tax-exempt Health Savings Account established exclusively for the purpose of paying for the following:
*Qualified Medical Expenses
*Qualified Preventative Care
*Qualified Long-Term Care Insurance
*COBRA Continuation
*Health Insurance in Effect While Receiving *Unemployment Compensation Under Any *Federal Or State Law
*Any Health Insurance, Other Than a Medicare Supplemental Policy If You Are Age 65 or Older
A Health Savings Account, a tax free way for your employees to pay for qualified health expenses!
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