What is the SBA MARC Loan Program?
MARC program is a loan product specifically tailored for manufacturers classified under NAICS codes 31-33. It offers revolving lines of credit or term loans of up to $5 million.
USES OF PROCEEDS·
Working capital
AMOUNTS·
Minimum- $250,000
Maximum – $5 Million
MATURITY·
Line of Credit- Up to 10 Years (Revolving) with 10 Year Loan Term Out | Term Loan- Up to 20 Years for long term working capital
INTEREST RATES: For line amounts greater than $350,000, interest rate cannot exceed Prime + 3.00%
FEES: The lender can charge up to an annual fee of .50% up to 2% on the outstanding balance (not the line amount). SBA fee is the same as other SBA guaranteed loans.
COLLATERAL: Mandatory liens on accounts receivable, inventory and other business assets including a blanket UCC filing.
SERVICING: Annual reviews, Debit Service Coverage Ratio testing, and collateral monitoring
ELIGIBILITY: Small manufacturers under NAICS 31-33
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Paul is NOT a loan broker but works for a financial institution that is a direct lender
