Small Business Administration (SBA) Loans
People's Community is now an approved Small Business Administration (SBA) lender. If you are a member seeking financing for your business, you may qualify for one of our long-term loans guaranteed by the SBA. These loans will help you improve your business cash flow and may be used for almost any business purpose if you meet SBA's eligibility requirements.
SBA Loan Programs include:
- SBA 7(a): SBA's most popular program for businesses that might not be eligible for business loans through other channels. These loans are available up to $5 million and are partially guaranteed by the SBA. Loans will be full recourse to the borrowers and require a minimum of 10% equity.
- SBA 504: Loans for the purchase or refinance of business capital assets such as a commercial building and/or equipment. These loans are available through a Certified Development Company (CDC) which will lend up to 40% of the project cost and enable our credit union to provide you with up to an additional 50% of the project cost. As the borrower, you will be required to provide a minimum of 10% equity, totaling 100% of the project funding.