Paycheck Protection Program Loan Forgiveness
Details around the Paycheck Protection Program (PPP) loan forgiveness continue to change. However, we have prepared some FAQs to provide you with guidance and planning. The program guidelines and federal applications are, however, changing frequently. We strongly recommend that you consult with your attorneys, CPAs, tax advisors, and financial consultants.Learn More
SBA Government Guaranteed Lending
Qualifying businesses can fund business startup, acquisition, expansion, capital improvements, equipment financing, and other major business needs with loans that are guaranteed by United States government agencies. The government does not provide these loans and you can only apply for them by working with an approved lender. Customers Bank is proud to be a Preferred Lender of the federal Small Business Administration (SBA).
By backing your loan, the federal government has reduced the risk to Customers Bank making it easier for you to qualify for a loan, and possibly reducing the interest rate you would pay on a conventional bank loan. Government guaranteed loans can be for as much as $5.0 million.
These programs are open to for-profit businesses that:
• are officially registered, file tax returns as required, and operate legally;
• are physically located in, and do business in, the United States or its territories;
• the business owner or owners have invested their own time and/or money; and
• are not eligible for conventional bank financing.
Qualifying for these loans is based on your firm’s revenues and number of employees. These standards differ industry-by-industry. There are special programs for firms involved in exporting, or located in an underserved community, or if you are a member of the military. Your Customers Bank Government Guaranteed Lender will help you determine if your qualify and which the program is right for you.
Customers Bank, will work with most small businesses to find a lending product that fits, but the bank is especially experienced at working with government guaranteed lending for:
• Childcare Franchises
• Medical / Dental / Veterinary Practices
• Members of the Plaintiff’s Bar
• Other Franchises
Want to buy a business? Need to finance an expansion? Establish a working capital line of credit? Purchase equipment or real estate? Whatever your business needs, an SBA loan from Customers Bank gives you a flexible financing solution. Let our SBA loan experts help.