Small business doesn’t mean thinking small.
Evolve specializes in providing long-term, permanent financing to small businesses through the Small Business Administration (SBA) guaranteed loan programs. We are proud to have been designated a preferred lender (PLP) by the SBA, meaning the approval process has been trusted to Evolve. As a result, we are able to provide you with faster and more efficient processing of your SBA loan applications.
Start It Up – Financial First Steps for a Small Business
Find out how Evolve can work for your small business today.
Commercial/Industrial Real-Estate Financing
- Purchase – Build – Refinance – Renovate – Owner-occupied
- Commercial Real Estate (multi use and single use properties)
- Gas Stations (franchise only)
- Franchise Restaurants
- Auto Repair / Maintenance facilities
- Limited Service Hotels (franchise only)
- Assisted Living Facilities
- Medical / Dental / Veterinary offices
Existing Business Acquisition Loans
- Your company’s cash flow and management capabilities are our primary qualification criteria
- Up to 80% Financing
- Loans Fully Amortized– No Balloons
- No Prepayment Penalty
- 48 Hour Pre-Qualification
Equipment Financing
- Commercial Printing and Binding
- Machine Tools
- Manufacturing
- Heavy Equipment
- Medical & Diagnostic
Loans up to $5 Million for SBA 7(a) and up to $10 Million for SBA 504
- No Cost Pre-Qualification Letters
- Competitive Rates and Flexible Terms
- No prepayment penalties on terms less than 15 years for 7(a) programs
- Up to 90% Financing
- Up to 25-year Terms for Real Estate
- Full Amortization
- Fixed and variable rate options available for both 7a and 504 program
Running a small business is quite time consuming. Evolve provides 21st century technology partnered with amazing service. It’s such a relief to have a bank that delivers your needs. Thank you, Evolve, for making my banking effortless.
Adina Wiseman, Owner, LiveFit
7(a) Loan Program
We specialize in providing long term permanent financing to small businesses. Our, loans, including 7(a) Loan Program, are made through the Small Business Administration (SBA) guaranteed loan programs.
Eligible Businesses and Property Types
Almost any type of for-profit business is eligible. Commercial real-estate must be partially occupied by borrower and includes, but is not limited to, the following types of properties:
- Office Buildings
- Warehouses
- Industrial Buildings
- Manufacturing
- Child Care Facilities
- Car Wash Facilities
- Automotive Repair Shops
- Professional Buildings
- Hotels
- Gas Stations
- Franchises
- Start-ups
Use of Proceeds
- Real-estate acquisition, construction, or refinance – up to 90% financing available
- Business Acquisition – up to 80% financing available
- Equipment Acquisition – up to 90% financing available
- Debt Refinance -up to 100% financing available
Terms
- Up to 25 years for real-estate financing
- Up to 10 years for equipment or business acquisition financing
- Up to 7 years for permanent working capital
- All loans are fully amortized.
Interest Rates and Fees
Interest rates are always market competitive. Fees are generally limited to the SBA guaranty fee and customary closing costs.
Loan Structures
Loan amounts range from $350,000 to $5,000,000
504 Loan Program
The 504 Loan Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.
Eligible Businesses and Property Types
Most for-profit business is eligible for financing. Commercial real-estate must be 51% or greater owner occupied
Use of Proceeds
- Real-estate acquisition, construction, or refinance – up to 90% financing available
- Equipment Acquisition – up to 80% financing available
Terms
- First Mortgage – up to 25-year term for real-estate loan and up to 15-year term for equipment purchase
- Second Mortgage – up to 20-year term for real-estate and up to 15-year term for equipment purchase. Fixed rate is determined at SBA guaranteed 504 debenture sale.
Interest Rates and Fees
Interest rates are always market competitive. Fixed and variable interest rates available. Fixed rates are determined at the SBA guaranteed 504 debenture sale.
For Second Mortgages there are fees of 2.75% + a legal review fee. This is financed in the loan.
Fees also include customary closing costs, construction loan fees (if applicable), and bridge fees.
Loan Structures
Financing available on projects up to $10,000,000.
- Evolve Bank & Trust typically provides a first mortgage of up to 50% of the total loan-to-value. This loan can range from $350,000 to $5,000,000.
- The SBA, through a Certified Development Company (CDC) provides up to 40% loan-to-value in a second lien position. This loan can range from $350,000 to $4,000,000.
USDA Business & Industry
Complementing our SBA loan offerings, Evolve Bank & Trust also offers Business & Industry (B&I) Guaranteed Loans. This program is designed specifically to provide for the borrowing needs of businesses located in rural areas. Our goal is to encourage and provide commercial financing for rural businesses.
The B&I Loan Program is made available through the United States Department of Agriculture (USDA) guaranteed loan program.
Eligible Businesses and Property Types
Assistance under the USDA B&I Guaranteed Loan Program is available to most legally organized entities — including cooperatives, corporations, partnerships, trusts and other profit or nonprofit organizations, Indian tribes, federally recognized tribal groups, municipalities, counties or state political parties.
Use of Proceeds
- Working capital
- Machinery and equipment
- Buildings and Real Estate
- Investment property
- Other types of debt refinancing
Terms
- Up to 30 years for real-estate financing
- Up to 15 years for equipment or business acquisition financing
- Up to 7 years for permanent working capital
- All loans are fully amortized.
Interest Rates and Fees
Rates can be fixed or variable.
Loan Structures
Loan amounts range from $350,000 to $5,000,000
USDA Financing For Rural Multifamily Housing Projects
As part of its mandate to develop farming communities, the United States Department of Agriculture (USDA) provides affordable loans to build housing for low and moderate income families in rural areas. The U.S. government guarantees the loans of commercial lenders, with programs like USDA 538 loan guarantee program, who then provide financing to developers of low and moderate income multifamily projects in rural areas. Click here for more information.
Application Documents
Download Application, Checklist and SBA FOrms below:
- Evolve SBA iApplication
- Application Checklist
- Personal Financial Statement
- Borrower Information Form (SBA Form 1919)
- Authorization to Release Information
- Accounts Receivable / Accounts Payable Aging Summary
- Beneficial Ownership Certification
- IRS Form 4506T
- Joint Credit (Reg B)
- Suggested Business Plan Outline
Banking and Business Acquisition Loans for Small Businesses
Managing a successful small company is more difficult than many people believe. Growing a business from the ground up requires a lot of hard work, and one of the most common ways to increase the speed of growth is to acquire another existing company.
An acquisition isn’t always smooth sailing, however. Many things can go wrong. Business owners need to carefully consider all of the variables involved before making a decision.
Acquiring capital is another major issue that must get resolved: Purchasing another company requires a tremendous amount of money, and few companies have the cash to make the purchase. Working with a bank like Evolve Bank & Trust to receive approval for a business acquisition loan can provide the answer to your acquisition funding needs.
What is a Business Acquisition Loan?
Receiving approval for a business acquisition loan is not easy. Banks will require a considerable amount of information about the financial position of both companies involved in the acquisition. Small business owners need to be prepared to produce lengthy documentation to get approved.
The loan amount is based on the value of the business getting acquired. Banks will use estimators to determine the fair market value of the company, and that can be difficult because in some industries, it is difficult to value a corporation. In industries with a lot of growth, companies are valued differently than companies in industries that are stagnant. Our business acquisition loan experts can help you through this intricate process, explaining it and answering your questions all along the way.
Benefits of a Business Acquisition Loan
There are numerous benefits of using a business acquisition loan during the purchasing process. Not only does a loan give business owners the needed capital to keep running the business in the meantime, but it also provides funding for and documentation on the purchase.
If you’re thinking of acquiring another company as a way to expand your business, get in touch with us at Evolve Bank & Trust. We take pride in helping small business owners understand how funding works, which term loans are best to apply for in their situation, and what their repayment options are. Contact us today to get started.
