Business
SBA Loans
As a dedicated supporter of businesses in the communities we serve, Holyoke Credit Union offers government-guaranteed Small Business Association (SBA) loans to organizations that may not qualify for a conventional loan.
Contact Holyoke Credit Union Commercial Lender Dan O’Neill to get started today! You can email Dan your small business lending questions at doneill@holyokecu.com or call him at (413) 532-7007 ext. 1125.
Why an SBA loan?
Securing additional funds through a loan, as well as establishing credit, can be essential to helping small and mid-sized businesses launch, expand, and manage during changing business cycles. The SBA exists to help make credit available to newer, less established businesses that may not qualify for conventional loans.
Benefits of an SBA loan:
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Available to qualifying businesses for most business needs
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Lower rates and/or down payments
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Flexible terms and options
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Government guaranteed
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Locally processed and serviced
SBA programs:
SBA 7(a) Loan
Ideal For: For-profit businesses including recent acquisitions.
Loan Limits: Up to $5,000,000. SBA Guarantee cannot exceed $3,750,000.
SBA Express Loans
Ideal For: Expedited process for business expenditures.
Loan Limits: Up to $350,000.
SBA 504 Program
Ideal for: For-profit businesses looking to purchase long-term assets such as land, buildings, or certain equipment with a net worth less than or equal to $15,000,000 and average net income not greater than $5,000,000 for the past two years. Equity requirement is as low as 10%.
Loan Limits: $50,000 - $5,000,000. ($5,500,000 for manufacturing companies)
Dan O’Neill, our commercial lender, has more than 20 years of viable small business lending experience throughout Western Massachusetts.
