Southern Bank offers loans and financing guaranteed by the SBA and USDA for startup or established small businesses. We can help you choose the loan that best fits your needs.
Small Business Loans
Funding to keep business growing.
Small Business Association
Common types of SBA loans.
As an SBA Express lender, we can make decisions locally, making the process quicker and easier. We have small business lenders across our branches who focus on SBA loans and take the complexity out of government backed loans.
There is a long list of ways SBA loans can help your business. Our experienced SBA Lending team will get to know your business, your goals, and offer a loan solution to help you take advantage of the many benefits available through the SBA loan program. Let’s have a conversation. We’re ready to help.
SBA 7(a)
Designed for businesses looking to acquire an existing business, buy-out a partner, expand to another location, purchase real estate or equipment, or those looking to combine any of these needs into one loan This loan is appropriate for long term and short term financing.
Loan amount up to $5,000,000.
Terms up to 25 years for commercial real estate and up to 10 years for all other purposes.
Interest rates can be either fixed or variable.
SBA 504
SBA 504 is designed for businesses looking to expand through land or building acquisition, construction, or equipment purchase. This loan is appropriate for longer term financing for business.
Loan amount The bank participates with SBA to offer an SBA 504 that allows 50% or more to be financed by the bank and max of 40% financed by a Certified Development Company. The 40% portion shall not exceed $5,000,000.
Terms up to 25 years for commercial real estate and up to 10 years for machinery or equipment.
Interest rates can be either fixed or variable.
USDA Rural Development Authority
Business creation and growth in rural areas.
USDA Rural Development Authority loans are designed to stimulate business creation and growth in rural areas. This program makes private credit more available by guaranteeing loans for rural businesses. The following types of businesses qualify for loan guarantee:
- For-profit businesses
- Nonprofits
- Cooperatives
- Federally-recognized tribes
- Public bodies
- Individuals