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SBA - 7a

What is a 7(a) loan?

The 7(a) Loan Program, which stands as the primary business loan initiative by the Small Business Administration (SBA), offers loan guarantees to lenders. These guarantees enable lenders to extend financial assistance to small businesses with unique financial requirements. 7(a) loans are versatile and can be utilized for a variety of purposes, including: · The acquisition, refinancing, or improvement of real estate and buildings. · Short- and long-term working capital needs. · Refinancing of existing business debt. · Procurement and installation of machinery and equipment. · The purchase of furniture, fixtures, and supplies. · Facilitating changes of ownership, whether partial or complete. · Multiple-purpose loans, encompassing any of the purposes mentioned above. 

 How is repayment handled for a 7(a) loan?

The terms for repaying 7(a) loans vary depending on several factors: · In most cases, 7(a) term loans are repaid through monthly installments comprising both principal and interest, utilizing the business's cash flow. · Fixed-rate loans maintain consistent payments as the interest rate remains constant. · Variable rate loans may require different payment amounts when the interest rate undergoes changes.

  • Loan Amount: Up to $5 million

  • Speed of Funds: 1-3 months

  • Loan Term: 10-30 years

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