SBA Loans from Langley FCU
Our SBA Loan experts help you navigate the SBA offerings
Langley Federal Credit Union offers Small Business Administration (SBA) loan programs. Our highest priority is building strong relationships.
Contact a SBA Expert today
Advantages of a SBA Program loan
- For-profit businesses that normally do not qualify under regular commercial lending standards may be eligible to apply under the SBA loan program
- Lower down payments (as low as 10%)
- Longer loan terms (up to 25 years) with no balloon provisions
- Financing available for businesses in the early start-up stages
Major types of SBA loans available at Langley
504 Loans
- Purchase and refinance of long-term and fixed-assets.
- Obtain cash out for business operating expenses.
- The financing package maximum is $5,000,000.
- Langley FCU partners with a Certified Development Company (CDC) to provide a financing package from SBA that consists of a lender loan and a SBA loan. Features low down payments of 10% to 20%. Fees can be financed. CDC loan maturity is 10 to 20 years and the lender loan is governed by conventional terms.
7(a) Loans
- Maximum Loan Amount: $5,000,000.
- Use of Proceeds: Real Estate acquisition / refinance, business purchase (including goodwill), equipment and vehicle purchase, business debt refinance, leasehold improvements, expansion, renovation, and working capital.
- Maturity: (Working Capital) 7 years; (Equipment) 5-15 years, (Real Estate) 25 years.
SBA Express Loans and Lines of Credit
- Maximum Loan Amount: $350,000.
- Use of Proceeds: Real Estate acquisition / refinance, business purchase (including goodwill), equipment and vehicle purchase, business debt refinance, leasehold improvements, expansion, renovation, and working capital.
- Maturity: (Working Capital) 7 years; (Equipment) 5-15 years, (Real Estate) 25 years.
Export Express
- Maximum Loan Amount: $500,000.
- Use of Proceeds: Real Estate acquisition / refinance, business purchase (including goodwill), equipment and vehicle purchase, business debt refinance, leasehold improvements, expansion, renovation, and working capital.
- Maturity: (Working Capital) 7 years; (Equipment) 5-15 years, (Real Estate) 25 years.
- Qualifications: Applicant must demonstrate that loan will enable them to expand in an existing export market or enter a new one. Time in business: at least 12 months.
Frequently asked questions about SBA loans
New businesses with prior business ownership experience may be eligible for a SBA loan. Conventional loan eligibility requires three years of business history. Please contact Commercial Lending and we will help you find the right financing.
Currently the target minimum loan amount of $25,000 exists for both conventional and SBA loans. For requests under $25,000, financing options are available such as the Business Credit Card.
SBA Express Loans, including Export Express, feature a revolving Line of Credit provision with interest only payments, fast turnaround, and a more streamlined process.
Rates can be fixed or variable depending on the product. Plus, at Langley FCU rates and repayment options are tailored to each individual loan.
For more information on SBA loans, please refer towww.sba.gov. For assistance from a Langley representative, contact us directly.
Named a "Top SBA Lender among Virginia Credit Unions" by the Small Business Administration
Loans guaranteed by the Small Business Administration
All applicants are subject to SBA rules and regulations in effect. For additional information, please refer directly to the SBA website at http://www.sba.gov.
A Langley representative can help you determine which loan is right for your business' needs.