I am an existing Community South borrower.  Who do I contact with questions about my loan? 

Please contact our Servicing Department toll-free at 1-866-798-4002 or by email at servicing@communitysouthlending.com and a Community South Team Member will gladly assist you.

We work with many brokers throughout the country and welcome the opportunity to work with you.  Please go to our Contacts and Locations page to locate a representative that is nearest to you.  Alternatively you can phone 1-877-287-3722 to be connected to a local Business Development Officer.

Individuals who are interested in Business Development Officer positions should contact Irene Barton at 1-866-503-0055, Ext. 225 or email at ibarton@communitysouthlending.com.

Individuals interested in any other position should contact Amanda Kitts at 1-877-232-1252, Ext. 8266 or email at akitts@communitysouthlending.com.

Community South is an Equal Opportunity Employer.

 How do I apply for a loan?

Please call us toll-free at 1-877-287-3722 and you will be routed to the office closest to you.   Also, our application forms are available for download here.

 Is my business eligible for an SBA loan?

Because program requirements are defined as broadly as possible, the majority of applicants will be eligible for an SBA guaranteed loan. Nearly every legally operated business qualifies for SBA financing.   To be eligible, a business must be operated for profit and not exceed SBA's size standards  For more specific eligibility criteria please contact us at 1-877-287-3722.

 What are the advantages of SBA financing for my business?

   Longer terms than would otherwise be available.  SBA loans have repayment terms of up to 25 years fully amortized (often with no balloons or call dates).

   Lower down payments than would typically be required from conventional lenders.  SBA loans require down payments of as little as 10%.

   Lower down payments and longer repayment terms allow borrowers to retain more of their cash which can, in turn, be utilized for the working capital needs of the business.

   Unlike many conventional loan programs, SBA financing is available for most industry types including (but not limited to) special use properties such as: hotel/motels, gas station/c-stores, restaurants, car washes and day care centers.

   In the underwriting process SBA lenders are able to consider both the historical and projected cash flows of the business.  This is of particular benefit to rapidly growing businesses that may not demonstrate 3 full years of historical repayment ability.

 How much can I borrow?

Community South offers loans that range in size from $100,000  up to $7,000,000.   Please contact us at 1-877-287-3722 to schedule a loan prequalification wherein we can determine the amount that your company is eligible to borrow.

 What can the funds be used for?

SBA loans can help growing businesses purchase, construct or renovate owner occupied commercial real estate, acquire fixed assets such as machinery and equipment, refinance business debt or fund the acquisition of existing businesses.  Virtually any business purpose can qualify for a long-term, SBA guaranteed loan, including:

   Commercial real estate purchase
   Construction
   Business acquisition or expansion
   Equipment/Inventory purchase
   Refinance
   Working Capital

 Aren't SBA guaranteed small business loans only for businesses that are not creditworthy by traditional  banking standards?

Sometimes, small business owners find it difficult to obtain a traditional bank (conventional) loan due to strict credit standards and/or prohibitive terms and conditions. That’s why our SBA loan programs are so important – they enable us to provide funds to businesses which may not have established track records or are unable to secure traditional financing.

 What amount of equity will I be expected to have in my financing request?

Down payments (also known as “equity injection”) are as little as 10% of your project costs.  Please contact us at 1-877-287-3722 to schedule a loan prequalification wherein we can review the details of your situation and determine the down payment requirement for your transaction.

 Will the government be looking over my shoulder for the duration of my loan?

Community South is your lender and will be your primary point of contact throughout the life of your loan.  The SBA provides a partial guarantee of the loan amount and relies upon Community South to service your loan.

 Can SBA loans be used to refinance existing business debt?

Yes, the 7(a) loan program can be used for refinancing. Please contact us at 1-877-287-3722 to schedule a loan prequalification wherein we can discuss additional details and requirements for refinance transactions.

 Can SBA financing be used for construction?

Loan proceeds can be used for most legitimate business purposes including construction of new facilities as well as modernizing, renovating, expanding or converting existing facilities. Best of all, Community South provides both construction and permanent financing. This means you won't need to apply for another mortgage and prepare for another loan closing.

 What costs are associated with an SBA loan?

There is a small packaging fee and an SBA guarantee fee (which varies depending on loan size). The guarantee fee can be financed as part of the loan and paid to the SBA upon closing the loan. In addition, as with any other loan, the borrower will be responsible for direct processing costs such as title insurance, appraisals and other standard closing costs.  Community South does not charge “points” on SBA loan transactions.  During your loan prequalification we will be happy to provide an estimate of the costs and fees for your contemplated transaction.

 How long will I have to wait for a decision on my application?

We understand your need to have a timely and decisive response regarding your loan request. Upon receipt of all required information, you will almost always receive our formal underwriting decision in 5-7 business days.

 How long will it take to close my loan after approval?

Community South will work with you and other third parties to close your loan as soon as possible.  In most cases this will occur within 45 days from receipt of your signed commitment letter.

 What is a Preferred Lender?

Under the Preferred Lenders Program (PLP), the SBA delegates loan approval, closing, and most servicing responsibilities to carefully selected lenders. As a National PLP lender, Community South has demonstrated a proficiency in processing and servicing SBA-guaranteed loans.  The bottom line – we can approve and fund loans faster!

 Why should I work with Community South?

 We have earned National PLP status
 We have highly experienced personnel to guide you through the entire process
 We fund a large variety of businesses and property types including special purpose projects
 We offer competitive loan structures, pricing and terms
 We always provide fast credit decisions and speedy closings
 Lending is our business ... we will not try to sell you additional financial services