Here are the general guidelines for eligibility:

• Retail and service businesses with receipts (3-year average) not exceeding $6.5 million to $20 million, depending on the industry.
• Wholesale business with employees up to 100 regardless of sales volume.
• Manufacturers with employees up to 500 depending on the industry, regardless of sales volume.

How much can I borrow?

CIT Small Business Lending Corporation offers SBA 7(a) loans up to $3 million, under special circumstances.

There are no points on an SBA 7(a) loan, although there is a low packaging fee. There is also an SBA guarantee fee that can be as low as 1.7% of the amount borrowed and it varies depending on the size of the loan. This guarantee fee can be financed as part of the loan and is paid upon closing.

What are the terms of repayment?

All SBA 7(a) loans are fully amortized. Terms are:

• Up to 25 years for a take-out of a construction loan, real estate purchase, or real estate refinance.
• Up to 15 years for machinery and equipment.
• Up to 10 years for a Business Acquisition without real estate.
• 7 years for the working capital portion of the loan.

There are no balloon payments, hence no surprises down the road. There are also no pre-payment penalties on loans with terms less than 15 years.