SBA Loan

The main purpose of the  Small Business Administration (SBA) is to aid and assist businesses in location and resources to find the funding they need. 

The (SBA) is the cream of the crop when it comes to business loans. They aren't the actual lender, but they do insure a large percentage of the loan, eliminating much of the risk of the financial institution providing the loan. 

SBA Loans range from $50,000 - $5,000,000 and repayment terms are on average of 10-30 Years.  The Most Common Types of SBA Loans are as follows: 

SBA 7(a) 

• SBA 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for: 
  • Short and long-term working capital 
  • Refinance current business debt 
  • Purchase furniture, fixtures, and supplies 

  The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. 

SBA 504

• SBA 504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.

  504 loans are available through Certified Development Companies (CDCs), SBA's community-based partners who regulate non-profits and promote economic development within their communities.    This Loan is typically more difficult to get approved for since it is geared towards development projects in the community encouraging new job opportunities. Due to the strict application of funds from the loan, the underwriting generally requires a far more thorough examination for approval. 

SBA Express Loan

• SBA Express Loan Program provides exactly what its title implies. The SBA Express Loan is a loan that providing you meet the requirements, is processed within 36 hours and is approvable for up to $350,000.