SBA loans

I have taken conventional loan for the residential and commercial properties before but I have never used SBA.

For the project I am looking at now I am planning on using SBA. Size of the project is about 2M. I just wanted to find out.

  1. Does it matters which bank I go with.
  2. What kind of rates I should expect.
  3. How much would be the closing cost.

What state are you in?

What kind of business and for what?

I’ve only briefly looked into SBA’s but my understanding is that if one of the primary uses of the money will be to buy and resale real estate for a profit then they will shoot down the application.

Not sure why that is other than the fact that conventional financing for this endeavor is readily accessible (which is one of the premises the SBA is trying to promote - that other financing would not be readily accessible).

I am working on buying the convenient store with gas in oklahoma.

We need 3 recent years of c-store and gas experience from the owner operator. We need good cash flow per tax returns. Depending on Real estate value, we should be able to go out 25 years at prime + 1.50.