A step by step guide to apply for Community Advantage Loan Program by SBA Loans.

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Business Loan SBA Loan Community Advantage Loan

What is Community Advantage Loan?

The Community Advantage Loan program is a pilot loan program housed under the large 7(a) program. This program is an ideal option for newer businesses, businesses operating in traditionally “risky” industries, and those owned by women, minorities, and veterans.

The community advantage loan allows businesses to build success in underserved markets. Loans can the used to fund a startup business or grow an existing business, or buy real estate.

In this guide, we will discuss the qualification, rates, and some different uses of SBA community advantage loan program, and how you apply for one in your business time of need.

How Community Advantage Loan Works

Community Advantage is an excellent loan choice for new and existing businesses that need between $50,000 and $250,000 in business capital. The SBA guarantees a portion of each loan which makes it possible for private lenders like us (author: Merchant Cash Advance 360) to extend financing support to business owners with less credit score or with no collaterals.

Loans can not be used for revolving lines of credit. Otherwise, funds can be used for any normal business purpose, except those prohibited by Small Business Administration (SBA).

How to apply for Community Advantage Loan program?

So, if you believe the SBA Community Advantage Loan Program is the best fit for your business, the next thing you need to do is to call our Merchant Cash Advance 360 helpline +1 (888) 528-0045 and speak with our funding managers, and they will assist you with your application.

Overall, here are some of the qualifications you’ll need to meet to be eligible for the SBA Community Advantage loan program:

  • Must be a for-profit business in an eligible industry operating in the U.S.
  • Must be a “small business” according to the SBA definition.
  • Must have exhausted other traditional financing options.
  • Must have invested some of your own time and money into the business.
  • Must be able to show “good character” and an ability to repay the loan.
  • Have not previously defaulted on any government-guaranteed business loans.

Loan Application

For more detailed eligibility requirements, please fill up this application or call @ +1 (888) 885-0007 for more information.

3 Years
1 Year

To apply, you will provide a handful of information and documents about your business and yourself.

What is the interest rate on loan?

Interest rates for loans obtained through the 7(a) program vary and depend upon the amount borrowed. Rates are currently set at the prime rate plus a maximum of 4.75%.

Average interest rates range from about 7% to 9% and are comparable to the rates of the Community Advantage program.

  • Prime + 2.75 to 6%, variable.
  • Generally, depends on borrower repayment ability. Maximum 10 years for working capital and up to 25 years/or a life of the asset for fixed asset purchase or refinance.
  • Required for loans over $25,000.
  • If you don’t have sufficient collateral to secure the loan, the SBA won’t turn down your request based on this fact if you meet all other qualifications.

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