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There are two types of SBA loans which Sentry Bank offers.7(a) SBA loans are the most popular type of SBA loan, and are often utilized by new businesses. 7(a) loans are usually used for accounts payable, inventory, operating expenses, purchasing/modifying land, purchasing/constructing buildings, long-term machinery/equipment, and some other uses.SBA loans are usually given at lower interest rates and with fewer conditions than traditional bank loans, due to the guarantee from the SBA.These loans are typically only given to cover the following types of small business expenses: accounts payable, inventory, operating expenses, purchasing/modifying land, purchasing/constructing buildings, long-term machinery/equipment, and some other uses.Because we are part of the PLP, the final credit decision, as well as servicing and liquidating authority rest with us rather than the SBA.The SBA has trusted us because of our high level of experience in dealing with SBA loans.If you have any questions about the SBA loans process, contact us and we will help guide you through the process.For more information, head to our business loans page.
We work closely with you throughout the whole process to make sure that the loan isn’t just filed; it’s taken care of.
However, a request for approval of any change of ownership must be reviewed, analyzed and implemented pursuant to both the requirements of the SBA’s 504 Loan Servicing and Liquidation SOP 50-55 as well as the recent SBA Procedural Notice 5000-19009, effective April 1, 2019, which states as follows: In order to obtain SBA’s prior approval of such changes, SBA Lenders must submit a request to the appropriate Commercial Loan Servicing Center (CLSC), as identified in SOP 50 55, Chapter 2 and SOP 50 57 2, Chapter 2.
The request must include the reason for the change(s), the details of the requested action, along with the recommendation of the SBA Lender.
We have created a reference for common questions regarding Small Business Association (SBA) Loans. Small Business Association (SBA) loans are actually loans from your chosen SBA approved bank or lender, like Sentry Bank.
If you still would like to learn more about our loan options, feel free to contact us today and get your application started. These banks and lenders are able to provide loans to small businesses which would normally be too risky to loan to, because the SBA helps guarantee the loan.
As a locally owned and operated bank, we value our role within the communities we serve. Cloud, MN area filled with friendly and helpful staff ready to assist you with any of your banking needs.