When looking for a financing alternative, you have to consider many factors. For example, are SBA loans public record? In today’s post we answer this question and offer some useful tips and facts about SBA loans.
Are SBA Loans Public Record?
Yes, the information about Small Business Administration (SBA) loans is a matter of public record. In fact, the SBA has a section on their website where you can download data related to 504 and 7(a) loans going back to 1991.
Additionally, SBA loan information is also subject to release under the Freedom of Information Act (FOIA). This means that as a federal agency, the SBA is required to disclose information requested under the FOIA. This includes:
- Names and commercial street and email addresses of recipients of approved loans
- Kinds and amounts of loans, loan terms, interest rates (except on home disaster loans), maturity dates, general purpose, etc.
- Awarded contracts: name of contractor, contract amounts, contract dates and contracting agencies
- Statistical data on assistance, loans, defaults, contracts, counseling, etc.
- Identity of participating banks
SBA Loans: the Basics
The two most popular SBA lending programs are 7(a) loans and 504 loans. Both loans are named after the sections of the acts that made them official in 1953 and 1958, respectively.
When it comes to choosing an SBA loan, your decision will come down to the amount of money you need and how you plan to use the proceeds of the loan.
- 7(a) loans:Capped at $5 million, with terms that range from 5 to 25 years depending on the purpose of the loan (real estate, equipment acquisition, working capital, etc.), and a minimum down payment of 10%.
- 504 loans:Can be used for the purchase of long-term machinery/equipment or for the purchase, construction, or improvement of buildings or new facilities. Capped at $5 million, with terms of 20-25 years (for commercial real estate) or 10 years (for equipment) and a 10% down payment.
Gellyfish: Equipment Financing Made Easy
Looking for equipment financing that combines flexibility and certainty of execution? Gellyfish Commercial is the answer!Contact us today by email (info@gellyfishcommercial.com), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our financing solutions.
