7(a) Program

What is an SBA 7(a) loan?

It's a loan that gives small- to medium-sized businesses, established entrepreneurs, and professionals access to other resources for additional capital. The only difference between this type of financing and conventional financing is the government guarantee - which can be up to 75% of the loan amount.

How much can I borrow?

Under this program the maximum loan size is $2 million.

What terms and rates are available?

The terms range from seven to 25 years, depending on how you intend to use the funds. Rates are variable and usually don't exceed 2.75% over low New York Prime.

What can an SBA loan be used for?

• Working Capital
• Inventory
• Business Acquisitions
• Equipment
• Real Estate
• Debt Refinancing

What is the definition of a small business?

There are size limitations (maximums) to qualify for an SBA loan, based on your business's NAICS code. The following are guidelines; please contact us to discuss your particular business.

• Manufacturing - maximum 500 to 1,500 employees
• Wholesaling - maximum of 100 employees
• Services - maximum of $6.5 million to $23 million three years' average gross sales
• Retailing - maximum of $6.5 million to $26.5 million three years' average gross sales

Getting Started

To speak with our Government Lending specialists, contact us or call (800) 722-5945.