SBA Loans

Get the financing you need to help your small business grow and thrive — with help from your friends at Sonabank. With award-winning loan officers who know how to get things done, we can help you bring your small business to new levels of success that you never imagined. And as an SBA Preferred Lender, we can offer faster processing than you may find at other institutions.

Details
  • Available for start-up businesses, as well as purchasing and refinancing existing businesses
  • Government-assisted help for businesses that might otherwise have difficulty getting approved
  • Special financing for qualifying businesses
  • SBA Preferred Lender
    • Loans are processed weeks faster than many other lenders
  • Competitive rates for a wide range of business needs:
    • Commercial real estate purchase
    • Construction
    • Business acquisition or expansion
    • Equipment/inventory purchase
    • Working capital
    • And more
  • A wide range of lending options available
  • Generally lower down payments and extended terms
  • Additional considerations taken when deciding maturity*
  • Local decision-making and processing
  • Detailed, attentive service from start to finish

Learn more about the SBA loans we offer below.

Types of SBA Loans

Section 7(a)

Loan term is 12 months to 25 years depending on purpose. Startup businesses are eligible. Owners must inject at least 20% of the total project costs. Purposes include: purchase of real estate, construction, renovation or lease-hold improvements, equipment, furniture, fixtures, inventory and in some cases working capital and debt refinance. Sonabank charges no points on these loans.

504 Program

An economic development program designed to create new jobs or retain existing ones. Benefits include low down payments (as low as 10%); soft costs and loan fees are included in the loan amount, the second trust carries a fixed rate of interest for the entire loan term. New construction is also eligible.

Contract CAPLine Loans

Revolving line of credit with terms of 1 to 5 years. The line of credit is secured by an assignable contract and may be drawn on during the term of contract for direct materials and direct labor costs required to complete the contract. Proceeds of the contract are applied to the draws and the remainder is deposited into the customer's account. The guaranty fee on a Contract CAPLine can be as low as .25% for a one-year line of credit.

Export Working Capital Loan

This program is designed to help small businesses export their products to the international market. Loan proceeds may be used for materials and labor to fill foreign orders.

VSBFA

Includes Virginia Capital Access Program (VCAP) and Virginia Economic Development Loan Fund. VSBFA also has loan programs for Child Day Care, Environmental Compliance Assistance, Defense Conversion, Industrial Development Bonds and Umbrella Bonds. Please contact one of our loan officers for more information.

B&I

This loan program offered through the USDA provides a financing vehicle for rural development. The primary purpose is to create and maintain employment and improve the rural economic climate. Any valid business purpose is eligible for this loan; however, there are geographical and economic criteria. Major benefit is longer loan terms (up to 30 years on real estate and 15 years on machinery/equipment to improve the cash flow of the business).

*Loan maturities are based on the ability to repay, the purpose of the loan proceeds, and the useful life of the assets financed.