What is an SBA 7(a) loan? It's A Government Guarantee Up to 75%
The SBA's 7(a) loan 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.
Borrow up to $5 million*
Under this SBA 7(a) program, the maximum loan size is $5 million.
Terms and Rates of SBA 7(a) Loans
- 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 for loans over $50,000.
Your Small Business Can Use A SBA 7(a) Loan for:
- Working Capital
- Business Acquisitions
- Real Estate
- Debt Refinancing
Business Size Determines Eligibility
Your small business must operate within certain size and personnel limitations, based on your business NAICS code, to qualify for a SBA 7(a) loan. Please contact a SBA Loan Specialist to discuss your particular business needs.