MUFG Union Bank Small Business Loan Review
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If your business needs financing to grow or to expand operations, or even to purchase assets such as new equipment or your own building. Whatever the scenario, MUFG Union Bank want to offer loans with a range of flexible terms and features for your business needs. This is of course the MUFG commercial loans are for businesses with well-established credit that want to improve cash flow, refinance debt, or fund improvements, equipment, or real estate. They do offer SBA loans as an alternative to customers that cannot meet the requirements of their conventional loan plans
Understanding Your Loan Options
Whether you're just starting a small business or expanding to take advantage of new opportunities, a loan through the U.S. Small Business Administration (SBA) may be right for you. The SBA has created financing programs in conjunction with banks to help small businesses grow and succeed. SBA loan-qualifying criteria are generally more flexible than conventional loans, if more complicated.
Designed to enhance cash flow and conserve capital, SBA loans may help you to acquire commercial real estate, secure funding for equipment or expansion, acquire a business, finance a franchise or even refinance an existing loan. (SBA) loans may be available when conventional financing standards are not appropriate, for example business acquisition needs, inventory purchase, etc. They recommend that their clients consider financing designed specifically for minority, woman, and veteran-owned businesses which often allows for zero down payment or has the down payment rolled into the loan itself.
Speed of Implementation and Loan Duration
The two major SBA partnership loans are available at MUFG Bank and both can have durations up to 25 years. The 504 unsecured loan program that focuses on real estate and machinery funding for existing and start up businesses. 504 loans include job creation requirements. The SBA requires that recipient manufacturers must create or retain one new job for each $100,000 of the loan, while all other industries must create or retain one new job for each $65,000 of the CDC 504 loan.The 7(a) program requires security but offers the same equipment, office furniture, software purchases, almost any business need up to real estate loans for variable rates and 20-25 year terms.
Fine Print and Final Thoughts
The fact that these two SBA loans also offer 90% loan support is very gratifying compared to what happens with conventional loans. The paperwork might be tough; if you have an accountant this will be much easier.
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.