Hana Small Business Lending Small Business Loan Review
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Hana Small Business Lending is a full-service lender, so they offer their own conventional and variable rate loans for all the businesses expenses and purchases that customers may seek to make. Their own portfolio is for businesses with established credit and security assets that want to improve cash flow, refinance debt, or fund improvements, equipment, or real estate.
Understanding Your Loan Options
Hana Small Business Lending offers SBA loans for any business expenses, including business real estate purchase, construction, refinance, business acquisition, equipment purchase, and working capital. SBA loans are variable-rate loans tied to the lowest Wall Street Journal Prime Rate.
Hana Small Business Lending claims to offer the most competitive rates allowed under the Small Business Administration’s 7(a) program. SBA business asset loan programs provide funds from $150,000 up to $5,000,000 to acquire property, an existing business, new business start-up, refinancing, or to consolidate and purchase fixed assets. If a company is looking to purchase equipment and machinery, inventory, working capital, or an existing business or commercial property, 7(a) loans offer the longest terms available for repayment.
Speed of Implementation and Loan Duration
The company has what they call the Quick Qualification service, which is available through Hana Small Business Lending, Inc., free of charge or obligation. After all the required information is received from the potential borrow, Hana will get back to them within 48 hours. To prepare, a borrower must provide a summary of loan request amount and purpose and a bunch of documentation. The length of time to apply and get the loan is completely dependent on the amount of time it takes the borrower to get their paperwork together and into the bank.
The required paperwork includes prior three years’ property or business and federal income tax financial statements, plus year-to-date rent roll (for tenants), plus year-to-date financial statements, prior three years’ tax returns for affiliate businesses (where borrowers have 20% or more ownership), current personal financial and cash flow statements, any previous bankruptcy or foreclosures, and the property environmental and physical condition, tenancy issues, etc.
Fine Print and Final Thoughts
The list of required documentation is pretty thorough, although one of the requirements sounds very open-ended. For example, number six on the list is “Any known issues regarding borrowers or property.” The Hana Small Business Lenders heartily recommend that you consult with their loan counselors to try to compile this list of documents and statements. This compilation is definitely going to take a some effort.
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.