SBA 7(a) Loans
A small business loan backed by the U.S. Small Business Administration. The SBA's primary program for providing financial assistance to small businesses. The ideal option for business financing due to low interest rates, long repayment terms, and flexible use of funds. Terms and conditions may vary by loan type.
The ideal option for business financing due to low interest rates
1
How funding works
Merchants must meet the requirements set forth by the SBA and the lender
Application turnaround time from the SBA is 5-10 business days
Funding amounts available up to $5,000,000
Maximum terms vary depending on loan purpose (e.g., up to 25 years for real estate, up to 10 years for equipment, etc.)
2
Rates are based on
Market Prime Rate (MPR)
Loan size and term
Time in business
Credit profile, overall profitability, and existing debt
3
Ask Yourself
What do you intend to do with the funds from an SBA 7(a) loan?
How quickly do you need funding?
Do you have existing debt on your balance sheet?
4
Required documents
Application with basic details about the business and merchant
Business financial statements, such as balance sheets, profit and loss statements, and projected financial statements
Loan application history
Income tax returns
Additional documentation may be required based on loan purpose and business specifics
5
Good to know
Long repayment terms, low-interest rates, and no prepayment penalties make the SBA 7(a) loan a great option
Loans can be used for a variety of purposes, including working capital, business expansions, or purchasing equipment and supplies
Additional SBA loan types are available depending on your needs