Get an SBA 7(a) Loan for Your Small Business

If you’re looking for small business financing, and you’ve exhausted all the conventional options, the SBA 7(a) loan could be a great way to fund your business. Right now, the SBA 7(a) loan is the most popular loan guaranteed by the U.S. Small Business Administration (SBA), with $25.8 billion of loans approved in 2017 alone. Here are a few facts about SBA 7(a) Loans:

Loan Size: Can provide up to $5 million of capital for small businesses

Loan Term: Have loan terms of up to 10 years for working capital and 25 years for real estate

Interest Rates: Most loans currently have interest rates between 7.75% and 10.25% (as of July 2019) depending on loan size and maturity

Loan Use: Can be used for working capital, equipment, buying a business or franchise, refinancing debt, and purchasing real estate

Credit Requirement: Typically require a credit score of around 680

Down Payments: Usually require a 10% to 20% down payment, as well as a certain amount of collateral

Timing: SBA 7(a) loans can be approved in between 1-10 days, depending on the lender

Comparing the Different Types of SBA 7(a) Loans

It’s tricky to navigate the wide world of SBA loans. Here, we examine several types of SBA loans available to business owners. The standard SBA 7(a) loan is the most common, but it’s important to discuss with your lender which loan is best suited for your needs.

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