Small Business Administration 7a Loan Program

SBA 7(a), a popular loan program for small business owners, is a great option to consider when seeking funding. These loans are provided by the Small Business Administration (SBA) and are designed to help small businesses grow and expand.

One of the main benefits of SBA 7(a) loans is that they offer lower interest rates and longer repayment terms than many other types of loans, making them a more affordable choice for those without sufficient cash flow to meet large monthly payments. Additionally, SBA 7(a) loans are backed by the government, which makes them easier to qualify for than traditional bank loans.

Customers Bank is a preferred SBA lender and offers SBA loans through the SBA 7(a), SBA 504, and microloan programs. If you are not familiar with SBA loans, we will help you explore the opportunities and benefits available from the SBA that can help your small business succeed.

Types of 7(a) Loans

The standard 7(a) loan is the most common SBA 7(a) loan type. It can be used for various purposes, including working capital, equipment purchases, and real estate financing. The loan amount can be up to $5 million, and the repayment terms can range from 7 to 25 years.

The 7(a) small loan is designed for small businesses that need a smaller loan amount. This loan option has a maximum loan amount of $350,000, and the repayment terms can range from 5 to 25 years.

The international trade loan is designed for small businesses involved in international trade. This loan option can be used to finance equipment, inventory, and working capital. The loan amount can be up to $5 million, and the repayment terms can range from 7 to 25 years.

The microloan is a loan option for small businesses that need up to $50,000 to startup and expand. The repayment terms can range from 5 to 10 years.

The export express loan is designed for small businesses involved in exporting. This loan option can be used to finance working capital, equipment, and inventory. The loan amount can be up to $500,000, and the repayment terms can range from 12 to 24 months.

The CapLines loan is designed for small businesses that need a line of credit to finance their short-term working capital needs. This loan option can be used to finance accounts receivable, inventory, and seasonal working capital. The loan amount can be up to $5 million, and the repayment terms can range from 12 to 36 months.

Key Takeaways

Customers Bank is a proud SBA-approved lender that serves small business owners with comprehensive financing solutions. If you are a small business owner looking for financing, the Small Business Administration 7(a) loan program may be a good option for you to consider. Contact one of our knowledgeable SBA lending officers for a complete list of eligibility requirements and the help you need in the application and approval process.