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CenterStone SBA Lending Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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CenterStone SBA Lending Small Business Loan ReviewCenterStone SBA Lending, Inc. is unique in that they are prefered lenders with the Small Business Administration but they are not a bank. Centerstone SBA Lending is one of fourteen licensed Small Business Lending Companies (“SBLC”) approved by the United States Small Business Administration providing financing solutions for small businesses. Unlike a traditional bank, Centerstone specializes in its core products so that they strive to ensure experienced service and a higher chance of success.

For all the hype, Centerstone only seems to be willing to describe their SBA 7(a) program. They claim to offer several different financial loan products, but in actuality they are only acting as an agent of one particular Small Business Administration program.

Understanding Your Loan Options

SBA loans can only be used for business related purposes. Payment of personal debt is ineligible. Credit card balances may be paid if the charges were for business related purposes.The 7(a) program that requires security but offers the same real estate loans for variable SBA loan interest rates and 20-30 year terms. Many different business purposes can be served by the loans, which can be borrowed for commercial real estate purchase (must be 51% owner occupied), business acquisition, debt refinance, inventory purchase, machinery and equipment purchase, permanent working capital, tenant Improvements and general business expansion. All of these can be pursued under the 7(a) program. Use a business loan interest calculator to get a better ideas of what your payments would look like.

Speed of Implementation and Loan Duration

There is very little information on CenterStone’s website to give anyone a sense of what really goes down with trying to get a loan through these folks. They are remarkably specialized, so maybe a quick review of their actual loan volume would be helpful.

One drawback to being so specialized is that CenterStone doesn’t offer any loan products that have a faster approval process than SBA loans. Even the SBA Express loan has a minimal approval timeframe of 30 days. This means that you shouldn’t look to CenterStone if the reason you are looking for a small business loan has to do with working capital shortfalls, short term capital issues, payroll, or anything else that might require a faster decision on your loan. If those are the things you’re looking for, then your best option is one of the online or peer-to-peer lending networks, as they deliver a much faster decision and disbursement.

Fine Print and Final Thoughts

Beware buyer – this company really has very little information that they post. The actual conditions of the loan with them are unclear, as are the terms and any potential fees or service charges. Make sure you ask the about any fees or charges that come with the loan or are related to their services so you can be confident that you are getting an accurate understanding of the cost of the loan. Read more: How do you get a business loan?

Anne Miller


Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.

 

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