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Small Business Loans
Also known as SBLs, these are part of a federal loan program
that are available to proprietors of business enterprises for
the purpose of the establishment, expansion, modernization
and improvement of small business enterprises. This encompasses
equipment loans, premises loans, and land loans. The major
benefits to the member include:
- Maximum amortization of 10 years.
- Only 10% down payment required.
SBLs are available with either a fixed or variable rate. Repayment
and prepayment terms are similar to that under other Sandhills
Credit Union loan programs.
As with any other commercial loan, there are a number of considerations
when granting loans for commercial needs. The Small Business
Loan program is one lending tool that is available from Sandhills
Credit Union that may be suitable for a commercial borrower's
needs.
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