Investing in small businesses means investing in communities. The money made by the business stays in the town instead of going to corporate headquarters. Getting a loan through Chickasaw Community Bank means a local company is making decisions on your loan for your small business. The decisions made will impact your community which the Chickasaw Community Bank is also a part of. CCB is striving to increase the amount of Native American small business owners by providing SBA business loans. The loan process could be stressful but the specialists at Chickasaw Community Bank provide you with the help and information you need to make the right decisions for your business and community.
Small Business Qualifications
How small is a small business? From a family-owned business to a single entrepreneur, a small business can be any income-generating business that makes $7.5 million or less annually and has 500 or less employees. It is important that this business is independently owned and operated to qualify for an SBA loan.
SBA 504 Loans
The Small Business Association is named after the Small Business Investment Act of 1958. This federal bill was written to increase the number of small businesses across the United States. The SBA 504 Loan was made to help develop small businesses by providing financing for real estate purchases and equipment necessary to run a small business.
Larger businesses have an easier time acquiring cost-efficient financing for their next business steps. A small business would not have this advantage without the SBA 504 Loan, which helps protect the business while providing finances necessary through fixed-rate and long term loans. The loans can be used in virtually any way as long as it is being used for or enhancing the small business. Another benefit of an SBA loan is that it is federally guaranteed up to 90%. If the loan goes into default, the federal government will defer the loan for a time period until the business can manage to repay the loan.
Real Estate Loans
It might be time to move your garage start-up to a larger place. Maybe you recently inherited the family diner and have decided to update the design. An SBA 504 loan can be taken out to cover the cost of purchasing, renovating, or refinancing a property for your business. Once the loan is taken out you can use it for any of the business needs, like the loose ceiling tile or the faucet that always seems to drip.
Whether you have finally finished your year-long renovation, purchasing a new facility, or maybe just need to update your older copy machine, an SBA Equipment loan can finance your new equipment purchase. Differing from an SBA Real Estate Loan, the SBA Equipment loan is meant to finance the day-to-day improvements of your small business.
The Chickasaw Community Bank wants to invest in Native American small business owners by providing Tribal Direct Lending. All SBA loans are exclusively granted to Native American citizens in the hopes to better the Native American community.