Answers to Your Commercial Loan Questions
At Greater Commercial Lending, our commercial loan experts handle the complexities of securing the financing to help you start, operate or expand your business so you can focus on what’s ahead. Take a look at our frequently asked questions below to help you determine the best next steps for your business’s needs.
General
What is GCL?
Greater Commercial Lending (GCL) is a credit organization that brings together banks, credit unions and other lenders to provide U.S. government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms. GCL’s network of lenders includes approximately 185 banks, credit unions and other financial institutions.
SBA Loans
What is an SBA loan?
The Small Business Administration (SBA) has a range of loan products available to help small businesses succeed. SBA 7(a) loans can help you start or acquire a business with a variable interest rate, while an SBA 504 loan can help you buy, build or expand a business with a fixed interest rate, just to name two. Explore more loan options from the SBA on our SBA loans page.
What businesses qualify for an SBA loan?
The SBA defines “small business” as any business with fewer than 500 employees. Depending on your particular business structure, there may be other criteria to consider. Click here to view the SBA’s table of business size standards.
How much can I borrow with an SBA loan?
While SBA loan products vary, typically, the maximum amount any one business can borrow at a time is $5 million.
What are the interest rates for an SBA loan?
Interest rates vary per SBA loan product, as do fixed or variable interest rate terms. Generally speaking, SBA loans come with interest rates between prime + 2.25% and prime + 6%, depending on the loan. A GCL SBA loan expert can help you understand interest rate structure and how to make the best choice for your business.
USDA Loans
What is a USDA business loan?
The U.S. Department of Agriculture (USDA) has many types of business loans for businesses located throughout rural America. These loan programs are designed to help businesses bolster their local economies. Some of the business loan programs offered by the USDA include the Rural Energy for America Program (REAP), Rural Development Loans and Business & Industry (B&I) loans, just to name a few. Explore USDA business loans in detail on our USDA loans page.
What businesses qualify for a USDA loan?
USDA business loans are offered to eligible businesses in rural areas of the United States. Per the USDA, “rural” is defined as a county or community area with a population under 50,000.
How much can I borrow with a USDA loan?
Loan amounts with a USDA business loan vary per business and loan product. Typically, most USDA business loans range from $200,000 to $5 million, and do not exceed more than $25 million.
What are the interest rates for a USDA loan?
Interest rates for USDA business loans vary by loan product and are dependent on each business’s financing needs. A GCL USDA loan expert can help you understand USDA business loan interest rates and guide you toward the best choice for your business.
Commercial Loans
What is a commercial loan?
A commercial loan is a loan to a business, as opposed to an individual, and is based on that business’s financial standing, among other criteria. There are many types of and uses for commercial loans, but generally speaking these loans can be used for purchasing commercial property, buying and building on land, upgrading equipment and technologies and much more. Explore commercial loans in more detail on our commercial loans page.
How do I qualify for a commercial loan?
Qualifications vary depending on the commercial loan your business needs. Typically, commercial loan applications require personal, business and relevant business financial information. Learn more about how to qualify for a commercial loan by viewing our commercial loan application checklist.
How much can I borrow with a commercial loan?
Due to the wide variety of commercial loan programs available to business owners, there is a wide range of how much your business can qualify for. A GCL commercial loan expert can help you understand the different programs and help you determine which is best suited for your business.