Noah Community Development Banker’s Association Small Business Loan Review
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Noah Community Development Bank is a Minority Depository Institution and certified Community Development Financial Institution focused on small-business lending. Noah Bank focuses its investment energies into Korean owned business. That gives them a special status with the SBA which allows them to be treated the same as a bank. This organization only does small business lending as opposed to consumer lending.
Understanding Your Loan Options
Noah Bank is committed to serving the small business market as a preferred SBA 7(a) lender in New York, New Jersey and Philadelphia Metropolitan areas. Noah’s loan offering of choice is the SBA 7(a) Guaranteed Loan and the SBA Small 7(a) Loan. The Guaranteed SBA 7(a) is a loan requires security but can be used for any business expenses from new equipment all the way up to real estate loans for variable rates and 20-25 year terms. Noah Bank sells the guaranteed portions of selected SBA loans on the secondary market at a premium.
The SBA 7(a) loan program has flexible parameters to accommodate most requests. A 7a loan cannot have a revolving provision and the maximum loan size is $5,000,000. Term of the loan is dependent on the purpose of the request; typically, working capital loans range from 7 – 10 years, while real estate can be as much as 25 years. The SBA provides the lender with a 75% – 90% guaranty, depending on the request.
Speed of Implementation and Loan Duration
Noah Bank focuses its investment energies into Korean owned business.While Minorities are generally less likely to receive credit from a bank, growth in the number of minority- and Asian-owned businesses is rising significantly, as is the rate of growth of those businesses. However, the average receipts of minority-owned businesses are lower than those of non-minority-owned businesses.
Noah Bank also offers a new loan that the SBA has made available called the small 7(a). This is a secured loan for less than $100,000 with variable terms and rates based on the length and the amount of the loan. These are much easier to get and involve a lot less paperwork than your traditional SBA 7(a).
Fine Print and Final Thoughts
While Minorities are generally less likely to receive credit from a bank, growth in the number of minority- and Asian-owned businesses is rising significantly, as is the rate of growth of those businesses. However, the average receipts of minority-owned businesses are lower than those of non minority-owned businesses.
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.