SBA LoansChicago
Building Businesses, Making Differences
Pan American Bank & Trust prides itself on our team of dedicated SBA specialists who bring decades of expertise in navigating the complexities of SBA 504 and 7a loans. Our decision-making process is local and streamlined, ensuring a more personal and efficient experience for your business.
Our team is committed to guiding you through every step of the SBA loan documentation process. Choose Pan American Bank & Trust for expert support and a partner who understands the intricacies of SBA financing.
SBA 7a Loan
SBA 7a loans offer essential financial support to small businesses for various purposes, including business acquisition, leasehold improvements, and working capital.
SBA 7a Loan Requirements
To be eligible for an SBA 7a loan, a business must:
- Be in good standing.
- Operate for profit.
- Be located in the US.
- Meet SBA’s small business size standards.
- Not belong to ineligible business categories.
- Lack access to similar credit on reasonable terms elsewhere.
- Demonstrate creditworthiness and repayment ability.
SBA 504 Loan
SBA 504 loans offer long-term, fixed-rate financing primarily for real estate, buildings, equipment, and machinery purposes.
SBA 504 Loan Requirements
To qualify for an SBA 504 loan, a business must:
- Operate for profit.
- Be located in the US.
- Have a tangible net worth under $15 million.
- Average net income less than $5 million after taxes over two years.
- Meet SBA’s small business size standards.
- Show qualified management, feasible business plan, and good character.
- Demonstrate creditworthiness and repayment ability.
- Not engage in nonprofit, passive, or speculative activities.
Click below to schedule a consultation with our expert lending team
Joseph Haugh
EVP, Director of Lending
With three decades of experience in the Chicago banking scene, Joseph Haugh is a seasoned veteran known for forging enduring partnerships with local businesses and real estate owners. In an era marked by significant mergers and consolidations in the banking sector, Haugh’s dedication to maintaining personal relationships sets him apart, ensuring that his banking approach remains personal and impactful.
Peter Georgitsis
SVP, Commercial Lending & SBA Specialist
Peter Georgitsis brings over two decades of banking expertise, specializing in SBA lending. Renowned for his skill in structuring complex loans, he consistently steers challenging financial scenarios towards positive resolutions. Peter champions the power of personal connection, often opting for face-to-face interactions and site visits with clients and colleagues. He strongly believes in the value of direct, open communication and is always accessible for discussions or to address any client queries.
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