In addition to traditional term loans and lines of credit, Lowell Five offers several specialized loan programs targeted at smaller businesses. Options include Small Business Administration (SBA) loans and an array of other small business loans to suit your specific needs.
At Lowell Five we understand the financing challenges faced by small business owners. If your startup or early-stage company doesn’t qualify for conventional loans, Lowell Five has the ability to offer SBA loans. These government-guaranteed loans offer lower down payments and more flexible terms for businesses that meet the SBA eligibility requirements.
We offer multiple types of federal SBA loans: 504, 7(a), and SBA Express to aid with financing for your startup or expansion. Your experienced Lowell Five Lending Officer will help guide you to the right program.
- SBA 7(a) Loans: With a maximum loan amount of $5 million, SBA 7(a) Loan proceeds can be used for real estate purchases, as well as short and long-term working capital, refinance current business debt, or purchase furniture, fixtures, and supplies.
- SBA Express: If you require a fast turnaround, SBA Express Loans have an accelerated approval process but a lower borrowing limit of $500,000.
- SBA 504 Loans: Lowell Five partners with local Certified Development Companies (CDCs) to offer up to $5 million in loans for the purchase or construction of real estate and longer-term machinery and equipment.
Resources for Small Businesses
Starting or growing a small business? Our Lowell Five business bankers can help you with accounts, services, and loans. We provide everything from free Business Checking and Business Credit Cards to Payroll and Cash Management Services such as Remote Deposit. Your relationship with your trusted Lowell Five Business Banking Advisor makes it easy for you to focus on growing your business, not juggling your finances.