As a small business owner, you are the chef of your own business and you spend your days cooking up success for yourself and your business. The John Marshall Bank SBA Team gets in the kitchen too, and just like Gordan Ramsay has his beef wellington, we have a signature dish of our own: SBA 7(a) loans. We partner with the US Small Business Administration to offer these loans – which are specially designed to suit the needs of small businesses – throughout the DC Metro area. No matter if you’re in the prep stages and still preheating the oven, or if you’re looking to expand your scope and recipe book, an SBA 7(a) loan from John Marshall Bank is the perfect opportunity to start cooking with some gas.
Time to Cook: Expedited with JMB’s Preferred Lender Status
A key part of every recipe is time. Doing any critical step too quickly, or too slowly, can completely change the outcome of the dish. Since John Marshall Bank is an SBA Preferred Lender, the loan approval process is shorter without sacrificing any quality. Preferred Lender status is a designation only given to lenders with a history of success and it allows the Bank to make loan decisions in-house without the SBA’s direct approval. This means small business owners, like you, can gain faster access to funds with a streamlined application process through our LendUX platform for loans of $500,000 and under.
Financial institutions with Preferred Lender status are proven to be both efficient and successful when it comes to administrating, processing, and completing SBA 7(a) loans. What does that mean for business owners? When you apply for an SBA 7(a) loan with John Marshall Bank, you can expect expert service that will follow you throughout the life of your loan. If SBA 7(a) loans are our signature dish, our Preferred Lender status is our secret ingredient that makes it taste just right.
Prepping Comes First: Qualifying for an SBA7(a) Loan
In order to qualify for an SBA 7(a) loan, your business must reach certain requirements as outlined by the SBA which include:
- Be an operating, for profit, business
- Be located in the US
- Meet the SBA’s business size and business type requirements
- Meet specified credit requirements
- Demonstrate a reasonable ability to repay your SBA 7(a) loan
More information on these requirements and more can be found by contacting JMB’s SBA team.
Making Your Menu: Using Your SBA7(a) Loan
Every restaurant makes deliberate choices on what to put on their menu and as a business owner, you get to choose what you use your SBA7(a) loan for. Much like a quesadilla wouldn’t make sense at a sushi bar, SBA 7(a) loans can only be used for specific things (don’t worry, much like the Cheesecake Factory’s menu, there’s a ton of options) which include:
- Real estate purchases – for your first building, your second, and on
- Financing buildouts and leasehold improvements
- Funding permanent working capital
- Purchasing furniture, fixtures, machinery, and equipment
- Acquiring inventory
- And more
With JMB, There’s Never Too Many Cooks in the Kitchen
The best chefs at the top restaurants have a team to support them as they create and master recipes, and John Marshall Bank’s SBA team is ready to hop into the kitchen alongside you and help bring your business five-star success. When you take out an SBA7(a) loan with JMB, your business gets the support of our responsive, efficient, and expert SBA team. Our team will work with you throughout the lifetime of your loan and beyond so you can focus on doing what you do best: cheffing up your business masterpiece. We’ll be a phone call or email away and ready to expand your lineup of tools and skills with unique financial solutions, workshops, and top-of-the-line fraud prevention tools. When you partner with JMB you’re working with an award-winning bank – recognized as the top bank with asset size between $1 billion to $5 billion and the second best bank across all asset size categories in Bank Director’s 2023 RankingBanking study – that’s invested in the success of your business.
Prep your ingredients and get ready to cook up small business success with John Marshall Bank and our full menu of small business support, including our signature dish: SBA Loans.
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