Corporate Lending Products
Small Business Lending
SBA 504 Loan Program
Working jointly with the U.S. Small Business Administration, Ocean Bank, a local leader in SBA lending, offers businesses the opportunity to secure long term financing for commercial real estate projects including purchase, construction or renovation. These funds can be used for projects that encompass direct acquisition or acquisition of land to build, as well as for the purchase of equipment. Businesses with less than $6 million in net worth, less than $2 million after tax profits, or less than 500 employees are eligible for this loan. Other project eligibility may apply.
Eligible Projects:
- Acquisition of fixed assets such as land and building
(owner must occupy at least 51% of space) - New Construction
(owner must occupy at least 69% of space) - Real Estate Renovation
(owner must occupy at least 51% of space) - Equipment Purchases
(equipment life expectancy must be at least 10 years)
- Low Down Payment
- Convenient Terms with no Balloon Payments
- Fixed or Variable Ocean Bank Interest Rate
(SBA interest rate is fixed)
SBA 7 (a) and Low Doc Loans
Ocean Bank's traditional SBA 7 (a) and Low Doc Loans are designed for small business owners who need funds for working capital, equipment purchases, debt refinancing and small commercial real estate purchases. Under the SBA 7 (a) program, Ocean Bank will provide loans up to $1,000,000.00 with as much as 90% financing for real estate projects. For the Low Doc Loan program, the bank can provide loans up to $150,000.00.
Businesses with less than $6 million in net worth, less than $2 million after tax profits, or less than 500 employees are eligible for this loan. Other project eligibility may apply.
Terms:
Loan terms vary according to the loan purpose. These loans have either a variable or fixed rate with no prepayment penalty. For the customer's convenience, Ocean Bank will prepare all necessary applications.
- Working Capital (up to 7 years)
- Equipment Financing (up to 10 years)
- Real Estate acquisition, renovation and/or financing
(up to 25 years)
- Speedy Processing
- Low Interest Rates
