HomeStreet Bank is established as part of the Preferred Lender Program (PLP) from the U.S. Small Business Administration, which shortens the loan process.
SBA loans serve a variety of business financing needs, including:
- Owner-occupied commercial real estate financing
- Business acquisition or expansion
- Financing equipment and inventory purchase
- Refinancing business debt
- Inventory and working capital
- Financing for international trade loans
SBA ineligible industries
The Small Business Administration listed the following industries as not eligible:
- Insurance companies
- Loan packaging/lending firms
- Real estate investment
- Adult entertainment
- Cannabis-related ventures
For more information about ineligible industries, including a detailed list, visit SBA.gov.
SBA Loan choices
- Used to acquire a business, start a business, purchase equipment, provide working capital, refinance debt or to finance inventory.
- Term loan is 7 to 10 years for up to $5 million.
- Used for commercial real estate purchase, refinance or construction.
- Term loan is up to 25 years for up to $5 million.
- Used to purchase or construct owner-user commercial real estate, finance equipment purchase or construction improvements for existing facilities, or refinance debt.
- Term loan is 20 to 25 years for up to $11.25 million.
- Used as a working capital line of credit.
- Lines of credit 5 years for up to $500,000.
- Used to finance and meet seasonal and/or short-term working capital needs, advances against existing inventory and receivables, and for consolidation of short-term debt.
- Lines of credit 3 – 5 years for up to $5 million.
All loans subject to approval.
HomeStreet Bank provides the actual loan to the business borrower. However, the U.S. SBA guarantees a portion of the loan, usually 50% to 85%, depending on the loan program. With the SBA partial guarantee, lenders are more confident in making the decision to finance a business client's needs, regardless of the age or size of the business.