"7(a) Loan"
By Small Business Administration (SBA)

What is SBA 7(a) Loan ?

7(a) Loan Program is SBA’s most common loan program, provides financial help for small businesses with special requirements. Loan is issued by a private lender and partially backed by the SBA.

How 7(a) Loan Works ?

SBA 7(a) loans come in a variety of forms that are created to address particular requirements. 7(a) loan vary in their SBA guarantees, loan amounts & other term. Businesses may borrow up to $5 million.

Who is Eligible for SBA 7(a) Loan ?

Companies that operate as small businesses for profit in the United States typically qualify for an SBA 7(a) loan.


Types of SBA 7(a) Loans

SBA describes eight types of 7(a) loans that are, Standard 7(a), SBA Express, 7(a) Small Loan, Export Express, Export Working Capital, International Trade, Preferred Lenders and CAPLines.

Interest Rates of SBA 7(a) Loan

There are SBA maximum interest rates that are tethered to the prime rate, the LIBOR rate, or an optional peg rate and are subject to negotiation between the borrower and the lender.

How to Use the 7(a) Loan ?

7(a) loans can be used for a variety of purposes, including business expansions, working capital, refinance current business debt, real estate or purchasing furniture, fixtures & supplies.

How to Get a SBA 7(a) Loan ?

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You must submit an application for a 7(a) loan through an local SBA lending partner, such as a bank or credit union.