Receive a SBA Loan from $250,000 to $6,000,000. This loan is available for gas stations, convenience stores, auto sales, hotels or motels, restaurants, day care, assisted living, nursing homes, child care, funeral homes, car washes, dry cleaners, physicians, veterinarians, professional offices and dozens of other industries. These programs are flexible, offer long term amortization and fast closings. Available to new and existing businesses.

SBA loans are provided by authorized commercial lenders who participate in the program. The participating lender funds the loan and receives a guarantee of up to 75% of the loan amount from the SBA( Small Business Administration, government ). Typical lenders are not banks so they are not tied down by the regulatory constraints that make most bankers hesitate to lend to small businesses. SBA loans benefits include longer terms (7 to 25 years) and larger loan amounts than you might be able to obtain through a conventional loan. They also include competitive interest rates and no balloon payments or annual reviews. Many successful companies like Nike, Federal Express and Apple Computer once used SBA loans to make their goals a reality.


Spotlight Financial LLC arranges two kinds of SBA Loans. The SBA 7(a) Loan and the SBA 504 Loan.

SBA 7(a) Loans

These loans are the most popular of the SBA loans. They can be used to purchase commercial real estate, machinery, equipment, fixtures and furniture, inventory and other business assets, to provide working capital, to pay loan closing costs and may also be used to refinance certain loans.

Loan Amounts- $250,000 to $2,000,000

Closing Time- You receive a commitment letter within 4 days of completing the application and then closing is with in 30-45 days of signed commitment letter.

Loan to Value- Up to 90%

Interest Rates- Floating rates, up to 2.75% over the Wall Street Journal Prime rate and adjusted monthly.

Term- Real Estate up to 25 years, Working Capital 7-10 years, Machinery and Equipment is based on useful life of the asset.

Collateral- Loans must be fully secured by commercial real estate or a combination of commercial real estate, residential real estate, machinery and equipment, fixtures and furniture.

Recourse- All principles with ownership of 20% or greater will have to provide a personal guarantee on the loan.

Debt Service Requirements- A minimum projected debt service coverage ratio of 1.25 times is required.

This loan is not available for the following industries: Real Estate investment/speculation, gambling, adult entertainment, lending money, pyramid sales, nuclear waste, utilities, natural resource development, fishing vessels, biotechnology and internet technology.

Borrowers cannot have filed for bankruptcy within the last three years.


SBA 504 Loans

The SBA 504 Loan is designed for the purpose of purchasing fixed assets such as commercial real estate and machinery and equipment of a capital nature.

There are three parts to a typical SBA 504 Loan. First there is a conventional fist mortgage loan of approximately 50% of the purchase price of the assets. Then there is a fixed rate debenture or second mortgage of approximately 40% of the purchase price of the assets. Finally the borrower must contribute 10%. If the property is special use real estate, a 15% contribution is required by the borrower, and if the property is a special use and start-up operation a 20% contribution is required. Special properties are properties such as gas stations, motels, assisted living facilities that can only be used for the purpose that they were built.

Loan Amounts- Total loan amount up to $6,000,000 split into 2 parts.

Closing Time- You receive a commitment letter within 4 days of completing the application and then closing is with in 30-45 days of signed commitment letter.

Loan to Value- Up to 90%

Interest Rates- Conventional First Mortgage Loan that adjusts monthly based on spread 30 Day LIBOR. SBA 504 Debenture or Second Mortgage is a fixed rate as set by the SBA for the term of the loan. Finally the Interim loan (to cover the time between the loan closing and the SBA funding of Debenture) adjusts monthly based on spread over 30 day LIBOR.

Term- First Mortgage loan has a term of up to 25 years, fully amortizing. Debenture or Second Mortgage Loan has a term of up to 20 years for commercial real estate, 10 years for machinery and equipment, fully amortizing. The Interim Loan has a term of up to 180 days.

Collateral- Loans must be fully secured by commercial real estate or a combination of commercial real estate, residential real estate.

Recourse- All principles with ownership of 20% or greater will have to provide a personal guarantee on the loan.

Debt Service Requirements- A minimum projected debt service coverage ratio of 1.25 times is required.

This loan is not available for the following industries: Real Estate investment/speculation, gambling, adult entertainment, lending money, pyramid sales, nuclear waste, utilities, natural resource development, fishing vessels, biotechnology and internet technology.

Borrowers cannot have filed for bankruptcy within the last three years.

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