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Seacoast Commerce Bank Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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Seacoast Commerce Bank Small Business Loan ReviewAs a member of the SBA Preferred Lender Program (PLP), Seacoast Commerce Bank is positioned to provide expertise and a streamlined process to help clients apply for SBA backed loans. The fact that only the bank will be both the lender and servicer of your loan is a valuable commodity in and of itself. The complications that can form after a loan is approved and granted really calls for a consistency of care and advice across all the transactions involved.

Understanding Your Loan Options

The bank claims a certain level of expertise in their SBA dedicated loan department that means that there is no need for them to list the options of SBA loans that they offer. The range of potential SBA loans is large: most companies chose to specialize in the two major types, the secured 7(a) SBA loan and the 504 SBA unsecured loan. One is to get a secure business the capital it needs to expand, the other to create jobs and new businesses. For example, the 7(a) loans term is dependent on the purpose of the request.  Typically, working capital loans range from seven to ten years, while real estate can be as long as twenty-five years. The SBA provides the lender with a 75% – 90% guaranty, depending on the request.

By contrast, the 504 is very specialized in its standards. The 504 program is intended for real estate purchases, construction, and machinery and equipment purchases. This program enables the borrower to provide as little as a 10% equity injection. The financing package is structured with 2 loans – one loan is typically obtained through Seacoast Commerce Bank for 50% of the financing needs, secured by a 1st lien on the asset; a second loan is obtained through a certified development company for approximately 40% of the financing need, depending on the amount of borrower contribution required.

Duration of Loans and Speed of Application

Normally SBA loans can take easily up to 64 days to get approval, and that is after all of the applicant’s documents have been turned in to the lender. However, Preferred Lender status gives Seacoast the authority to assess, document, approve and ultimately close the loan without direct SBA approval or review. From completed application to funding is probably more like thirty days because of the company’s Preferred Lender status.

Final Thoughts and Fine Print

Seacoast’s preferred lender status makes them an appealing option for many different small businesses, as they can process your loan more quickly than lenders that lack this status.

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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