HFCU Is Your Small Business Loan Source
In keeping with our desire to provide excellent member services and products, we offer SBA Loans. Houston Federal Credit Union specializes in SBA loans available from $300,000 up to $5,000,000.
We offer two popular SBA loan programs to help your business succeed. Click one of the accounts below for more information on the different SBA loan products.
If you have questions, please call us at (346) 476-5145 and request to speak with our Commercial Loan Officer, Pastor Oropeza.
SBA 7(a) Loan Program
Loan Proceeds May Be Used For Purchasing Land and Building (for business location). HFCU only offers 7(a) loans that are fully collateralized and secured by real property that your business occupies. Loan terms up to 25 years.
SBA 504 Loan Program
The 504 loan program is a long-term/fixed-rate financing tool for major fixed assets such as land and equipment for a business location.
Loan Proceeds May Be Used For:
- The purchase of land, including existing buildings that your business occupies.
- The purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping.
What does SBA look for in a loan application?
There are a few requirements that must be met in order for your business to qualify for an SBA loan:
- Applicant must be eligible: For profit business owned and controlled by a US citizen or LPR, legal permanent resident (No visas).
- Repayment ability comes from the cash flow of the business.
- Applicant must be of good character (Both credit and criminal history).
- Collateral purchased from loan funds and personal guaranty generally secure the loan.
- Owner’s personal equity contribution.