Small Business Administration (SBA) Loans

Frequently Asked Questions

Q: What are the advantages of a SBA loan?

A: The SBA loan program provides two key advantages:

  • Long-Term amortizing loans
  • Minimal equity requirements

Q: Why should I choose 1st Constitution Bank for a SBA loan?

A: 1st Constitution Bank is a participant in the SBA Preferred Lender Program.  Our SBA department makes credit decision on behalf of the SBA.  You receive faster decisions, shorter turnaround time and quicker access to proceeds. 

Q: What is an SBA 7(a) loan?

A: A SBA loan provides financing for various purposes for your small business under guarantee of the U.S. Small Business Administration (SBA), a federal agency created to provide financial assistance for small businesses.

Q: For what purpose can I use an SBA 7(a) loan?

A: An SBA 7(a) loan can be used for various purposes such as: business real estate purchase, business acquisition, equipment purchase, refinance, construction and working capital.

Q: What is an SBA 504 loan?

A: With an SBA 504 Loan business owners receive up to 90% financing for the purchase, construction and renovation of owner-occupied real estate or for purchasing machinery and equipment.

Q: What are the benefits of an SBA 504 loan?

 A: The following are some of the benefits of an SBA 504 loan:

  • Fixed and variable rates available
  • Up to 90% real estate financing
  • Loan amounts up to $12,000,000

 Q: How can I obtain more information about SBA loans?

 A: Contact Steve Seong, VP & SBA Manager by phone at (201) 244-9300 ext. 5561 by email at .


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