Grow your business with CHROME lines of credit, secured and unsecured term loans, commercial vehicle loans, Real Estate loans, investment property loans, demand loans and more.
Get the money your business needs:
- Business Lines of Credit — Cover short-term expenses or be prepared for unexpected opportunities with our flexible, short-term business lines of credit.
- Business Loans — Expand your operations, restructure debt, make facility or technology improvements, or buy commercial real estate.
Committed to the growth and development of small business.
About SBA Loans
The U.S. Small Business Administration is a federal agency committed to furthering the growth and development of small businesses. One of the ways it does this is by guaranteeing loans to small businesses made through lending partners nationwide. CHROME is one of those partners.
The SBA does not make loans directly to small businesses. Rather, it sets the guidelines for loans, which are made by lending partners nationwide, including Financial Institutions (like CHROME) and economic development organizations. The SBA guarantees a percentage of the loan, minimizing risk to the lending partners and increasing the possibility that small businesses will receive the funds they need.
Funds may be used for a wide range of purposes, including:
• Owner-occupied commercial real estate
• Business expansion or acquisition
• Franchise financing/business startup costs
• Financing newly established businesses
• Partner or management buyout
• Inventory purchase
• Equipment, including restaurant equipment and vehicles
• Machinery/furniture
• Debt refinance/working capital
• Owner-occupied commercial real estate
• Business expansion or acquisition
• Franchise financing/business startup costs
• Financing newly established businesses
• Partner or management buyout
• Inventory purchase
• Equipment, including restaurant equipment and vehicles
• Machinery/furniture
• Debt refinance/working capital
SBA Loan Types
We offer SBA Express Loans from $100,000 to $350,000 with term loans and line of credit options. Proceeds may be used for financing business acquisition,
equipment, debt refinance, working capital, inventory and tenant improvements.
equipment, debt refinance, working capital, inventory and tenant improvements.
We also offer the following options:
| Option | 7(a) Real Estate | 504 Loan Program |
|---|---|---|
| Use of Funds | Owner-occupied commercial real estate purchase, refinance or construction | To purchase or construct owner-occupied commercial real estate |
| Industries | Most industries qualify; no nonprofits | Most industries qualify; no nonprofits |
| Loan Types | Term loans | Term loans |
| Loan Amount | Up to $5 million | Up to $11.25 million for most industries; higher for qualified manufacturing firms |
| Interest Rate | Based on WSJ Prime | Based on WSJ Prime |
| Term | Up to 25 years | Lender loan (real estate): Typically 25 years CDC Loan: Typically 20 years Equipment loan: 10 years |
| Amortization | Fully amortized; no balloon payments | Typically 25 years on the first position; 20 years on the long-term CDC portion |
| Prepayment Penalty |
5% - first year
3% - second year
1% - third year
|
Prepayment applies |
| Collateral |
Subject to property; additional collateral may be required
|
U.S. Bank loan: First mortgage on property being financed;
CDC loan: second mortgage on business real estate
|
| LTV/ Advance Rates |
LTV up to 90%
|
LTV up to 90%
|