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Personal loan vs. personal line of credit: What’s the difference?

One is Like a Credit Card… A personal line of credit functions similar a credit card, You’re given a maximum amount that you can use over a period of time, and  you’re only making payments based on the amount that you borrow against the overall line of credit.   The Other Is A Lump Sum… A personal loan is a specific amount, which is disbursed to you at once in a lump sum. It has a fixed or variable interest rate, and a fixed repayment...

Common Misconceptions

One Myth on the SBA topic is that SBA loans are not borrower friendly. This is so not TRUE… SBA loans have flexible equity and collateral requirements, have long repayment terms and most often do not have balloon payments. A second myth is that the lending process is slow and inefficient. Over the years , the SBA has worked hard to reduce paperwork requirements, speed up the turnaround time for approval, and, in general, make it easier to provide small-business customers the capital they need and...

Loan Structure

The structure of an SBA 504 loan is uniquely collaborative. A nonprofit CDC partners with a bank and the small-business owner to assemble the financing package. The lender injects 50 percent of the capital through a first mortgage, the CDC provides 40 percent of the project cost with an SBA-guaranteed second mortgage, and the small-business owner contributes a 10 percent down payment. Are you interested in an SBA? Give us a call for more information....