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SBA Loans

Small business owners play a vital role in our local economy so we are committed to offering business financing that is accessible and flexible. Thomaston Savings Bank is a Preferred Lender with the U.S. Small Business Administration (SBA), which enables us to offer business owners the financial support that conventional loans cannot.

SBA Loan Programs

SBA loans are backed by the federal government and provide a more flexible loan structure, more time to repay and lower down payments. There are several SBA business loan options available.

In addition to the standard programs detailed below, special programs are available to eligible businesses that are facing financial hardship from COVID-19. Click here to learn more.

 
SBA 504 Loan
SBA 7(a) Loan
SBA Express Loan
or Line of Credit
Description
Great for long-term needs like, buying commercial real estate, starting your business and constructing or renovating facilities. Less equity required vs. a conventional business loan.
The SBA's primary loan program offers growing businesses long-term financing for a wide range of needs, from real estate to working capital. Lines of credit not permitted.
Lower borrowing maximums make for less paperwork and a faster application turnaround. Lower down payments vs. a conventional business loan.
Maximum Loan Amount
Projects considered up to and potentially exceeding $10 million
$5 million
$250,000
Maximum Term
Up to 25 years
5-7 years for working capital; up to 25 years for real estate; 10 years for all other loans (i.e., fixed assets and equipment)
10 years
Maximum
SBA Guaranty
Bank portion subject to Thomaston Savings Bank pricing. SBA 2nd lien portion determined at the time of debenture sale.
75-85%
50%
SBA Guaranty
Fees
Refer to SBA for details
SBA charges a fee to guarantee the loan
SBA charges a fee to guarantee the loan
Owner Equity/Liquidity
Minimum of 10%
Minimum of 10%
Minimum of 10%
Interest Rates
Competitive fixed
Plus, no balloons
Competitive variable or fixed
 
SBA 504 Loan, SBA 7(a) Loan, SBA Express Loan or Line of Credit
Eligibility
Businesses up to $15 million in net worth and $5 million in net income are eligible. For-profit businesses that meet the SBA's size and industry guidelines* and if you follow the Personal Guarantee of Principal Owners.

*Industry guidelines are stated as maximums that qualify: Any and all owners who own 20% or more of the business are required to unconditionally guarantee. However, anyone with a controlling interest or key role in the business may be required to guarantee.
Collateral
The SBA does not require a specific level of collateral. Generally, the assets being financed are used as collateral. Personal assets may be required if the assets being financed do not adequately secure the loan. Even if you've already committed your available business and personal assets, you may still qualify for SBA financing.

How to Get Started

Thomaston Savings Bank is approved to offer SBA loan products under the SBA’s Preferred Lender Program, which means you can work through the process quickly and easily with an experienced loan officer.

SBA Loan Application


Have questions about which SBA loan program is right for you or need assistance with your application? Contact a Thomaston Savings Bank loan officer.

 
James Forker Headshot

James Forker

VP, Senior Commercial Lender

860.283.3661

jforker@thomastonsb.com

Antonio Ponte Headshot

Antonio Ponte

Small Business Commercial Lender

860.283.3669

aponte@thomastonsb.com

Frequently Asked Questions