Monthly Archives: November 2015

Giving Thanks


Norman Rockwell’s iconic Thanksgiving image: “Freedom From Want.”

Thanksgiving Day offers each of us the opportunity to reflect on our lives and upon all that for which we are grateful.  It is a day unique in its simplicity of purpose and joyous spirit; no wonder it is one of our nation’s most beloved holidays.

In 1863, in the midst of the Civil War, Abraham Lincoln declared the first national Thanksgiving Day, recognizing that even in the darkest times we are blessed. This Thanksgiving, it is especially appropriate to remember the words of President John F Kennedy: “As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.” 

From all of us at Biltmore Bank, thank you. We are grateful for your allowing us to be a part of your lives, and wish you, your families and friends a very happy Thanksgiving.



7(a) Loans: SBA’s Flagship Loan Program

Leticia SIn May, we published an article by our Vice President of Government Guaranteed Lending, Leticia Scearce, entitled What You Need to Know About Government-Guaranteed Lending, Part I, providing an overview of government-guaranteed loan programs offered by our bank. Here, Leticia delves deeper into SBA 7(a) loans. We hope this information is useful to you, and please don’t hesitate to contact us so we can answer any questions you may have.

Created under Section 7(a) of the Small Business Act of 1953 (P.L. 83-163, as amended), the 7(a) loan program has become the most popular and largest program under the Small Business Administration. For FY 2015, SBA approved close to $19 billion nationwide in SBA 7(a) loans.

SBA 7(a) loans are government-guaranteed loans, which means that the federal government provides a backing on the loan to the lender. This guaranty can range from 50 to 90 percent of the loan and is driven by the specific 7(a) loan product. The guaranty reduces the lender’s exposure or risk in the transaction, thus allowing many businesses to obtain a source of financing alternate to a conventional loan. The lender originates, services, performs any necessary liquidations and must not only comply at loan origination with the SBA policies and procedures, but throughout the life of the loan.

Below is a summary of the general parameters of 7(a) loans.


  • Less equity/cash down payment, preserving cash
  • Longer terms than conventional
  • No balloons, fully amortizing loans, no need to refinance again
  • CAPLines (revolving lines of credit) can be renewed annually, up to 10 years max
  • Equipment- up to 10 years
  • Real estate- up to 25 years
Uses Loan Maximum/Fees
  • Purchasing, constructing, renovating commercial owner occupied real estate
  • Purchase/refinance equipment
  • Working capital
  • Business Acquisition
  • Expansion & Exporting
  • Max SBA loan is $5 million (includes existing loans to borrower and affiliates plus new loan request)
  • SBA guaranty fee determined by loan size (2%-3.75% of guaranteed portion)

While a business may pay more in upfront fees for an SBA loan versus a conventional loan, the benefits far outweigh the cost. Preservation of capital is one of the biggest advantages of SBA loans.

There is a subset of loan programs under the 7(a) umbrella, so it is important to inquire about the programs offered by the lender. In our next government guaranteed loan blog, we will discuss SBA 504 loans and compare them to 7(a) loans. In future blogs, we will also discuss various 7(a) sub programs we offer.   Please contact us at (602) 992-5055 for more information.

Approved to offer SBA loan products under SBA’s Preferred Lender Program



Veterans Day 2015

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To all who serve,

To all who have served,

To all who will serve,

Thank you.

Whether you see the front lines of battle

Or sit behind a desk,

You chose to protect us;

To serve your country;

To sacrifice for others.

You are our heroes.

Today, we celebrate you.



It’s a Slam Dunk!

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Our Vice President and Client Relations Officer, Desirae Outcalt, has been working hard as a member of the Phoenix Suns Charities 88↗ organization and as the event chair for the organization’s annual Slam Dunk Street Party fundraiser – a progressive dinner that raises money for kids and families in need.

The Biltmore Bank of Arizona got into the action too this year – making a financial donation to support this great cause.

The Phoenix Suns Charities 88 Slam Dunk featured drinks, dinner, dancing and a silent auction on November 7 in downtown Phoenix at the US Airways Center. Auction items included memorabilia signed by Phoenix Suns players and much more. This fun event is so popular that it sold out!

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Phoenix Suns Charities 88 was formed with the mission to enhance the lives of Arizona’s children and their families by actively creating and supporting programs in the areas of education, health, human services, the arts, rehabilitation and sports and recreation. Throughout the past 26 years, Phoenix Suns Charities has raised and gifted more than $16 million to charitable organizations in Arizona, with over $1 million granted annually.

Attendees dressed in “Suns Chic,” including comfortable footwear for dancing and working the court.

For more information, visit the event website here.↗


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