BUSAIRNTESS
The Basics of
SBA Loans
The Bank of Tampa’s small business
administration team has operations
manager Amanda Sodano and senior
vice president Kevin Riffey, the bank’s
small business administration director.
At The Bank of Tampa, we are
committed to small businesses
across Tampa Bay. In fact, we’re
ranked the second largest SBA
7(a) lender in Tampa Bay. The Bank of
Tampa offers two different types of SBA
loan programs. SBA 7(a) loans range from
$150,000 to $5 million. SBA 7(a) loans are
the most common and flexible of the SBA
loan programs, while the SBA 504 program
is used for capital purchases, including
owner-occupied commercial real estate
and large equipment.
Funds resulting from the 7(a) loan
program can be used for just about any
business-related purpose, including
seasonal financing, operational expenses,
inventory and equipment purchases, realestate
deals, debt refinancing, business
acquisition, partner buyout, etc. Through
this program, a small business owner can
secure a loan for up to $5 million. Loans
through this program can last anywhere
from seven to 25 years, depending on, for
example, the purpose of the loan proceeds,
with monthly repayment options and a
market rate interest rate.
While limited because it’s only for
large fixed assets like equipment and
commercial real estate (and certain
eligibility requirements apply), the 504
loan program has its perks such as 90%
financing, longer terms up to 25 years and
fixed interest rates.
We are committed to working with
small businesses in Tampa Bay. Partially
guaranteed by the Small Business
Administration, SBA loans provide an
alternative when conventional financing
does not fit the needs of a small business. 9
EDITOR’S NOTE: For more information on
The Bank of Tampa, or if you’re interested in
learning more about what SBA lending can
do for you, please contact the Client Service
Center at (813) 872-1200.
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MAY/APRIL 2020 | TAMPA BAY MAGAZINE 93