Business Equipment Loan

Use:

• The Business Equipment Loan is an amortizing term loan for financing specific business equipment purchases with the security of knowing a fixed payment amount and repayment term. This loan is secured by the equipment financed and loan proceeds are generally paid directly to the seller.
• Qualifying criteria may be more flexible than other business loans and lines of credit.

Loan Amounts:

• Up to $250,000; Some limitations apply based on size and type of business, age of equipment and down payment.
• Minimum $10,000

Terms:

• Up to 5 years
• Term depends on age of equipment and amount of down payment
• Longer terms available with SBA Express guarantee

Interest Rate:

• Adjustable; floating with CB&T's Prime rate. Rate to be determined based on overall risk factors of the applicant.

Loan Fees:

• One-time loan fee of 1% of loan amount
• Other closing costs will be charged as applicable to perfect the Bank's collateral position. Late charges will also apply.

Other Criteria:

• Business must be profitable
• Personal guarantees of all principals with 20% or more ownership in the business
• Acceptable credit histories
• Business and personal financial information required for credit requests greater than $50,000
• Collateral required for all equipment loans.
• Other limitations apply

Maximum Advance:

• New Equipment: 100%
• Used Equipment: 75%