To qualify for an SBA 7(a) loan, a business generally must be an operating, for-profit U.S. company that meets the SBA's size standards, be creditworthy with a reasonable ability to repay, and be unable to get the credit it needs on reasonable terms elsewhere. The SBA guarantees the loan; participating lenders make it.
Definition
SBA 7(a) loan: The U.S. Small Business Administration's main loan program, with loans up to $5 million. The SBA guarantees part of a loan made by a participating lender; it does not lend directly to borrowers.
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In detail
The U.S. Small Business Administration does not lend directly to borrowers. It guarantees part of a loan made by a participating lender, which makes lenders more willing to approve businesses they might otherwise decline. The best-known program is the 7(a) loan, with loans of up to $5 million for uses such as working capital, equipment, refinancing debt and changes of ownership.
In detail
The SBA lists a few basics. Each lender then adds its own standards for credit, cash flow and time in business.
In detail
Expect more paperwork than an online lender asks for: business and personal tax returns, financial statements, a clear explanation of how the money will be used and a plan to repay it. The SBA does not set a single minimum credit score; each lender sets its own.
In detail
Longer than most online financing. SBA loans often take 30 to 90 days from application to funding, depending on the lender and how complete your file is. If you need money within days, an SBA loan alternative can fit better.
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SBA loan alternative
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The business must be an operating, for-profit U.S. company, small under SBA size rules, creditworthy with the ability to repay, and unable to get the credit it needs on reasonable terms elsewhere. Lenders add their own credit and cash-flow standards.
Often 30 to 90 days from application to funding, depending on the lender and how complete your documents are. Online lenders and brokers can decide faster, sometimes within 24 hours.
Up to $5 million. Smaller loans are common, and the amount you can get depends on your revenue, cash flow and the lender's standards.
No. The SBA guarantees part of a loan made by a participating lender. You apply through a lender, not the SBA itself.
A 7(a) loan is general-purpose and can fund working capital, equipment or refinancing. A 504 loan is long-term, fixed-rate financing for major fixed assets such as buildings and long-lived equipment, and cannot be used for working capital.
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lendfloCapital is a business financing broker, not a lender. This page is general information, not financial, legal or tax advice. Rates, amounts and terms depend on the lender and your business.
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