Get an SBA 7(a) Loan for Your Small Business
If you’re looking for small business financing, the SBA 7(a) loan is typically one of the best ways to fund your business. The SBA 7(a) loan is the most popular loan guaranteed by the U.S. Small Business Administration, with $27 billion of loans approved in the 2023 calendar year alone.
Here are some key details about SBA 7(a) financing:
Loan Size | Up to $5 million |
Loan Term | Up to 10 years for working capital, 25 years for real estate |
Interest Rates | Rates vary, based on the WSJ Prime and loan size and term. |
Loan Use | Working capital, equipment, buying a business or franchise, refinancing debt, and purchasing real estate. |
Credit Requirement | A credit score of 640 is usually required. |
Down Payment | Usually requires a 10% to 20% down payment as well as collateral. |
Timing | SBA 7(a) loans can be approved in between one and 10 days, depending on the lender. |