There's a reason the SBA 7(a) loan program is so popular with business owners: the uses for the SBA 7(a) loan are as extensive as they are varied. But it isn’t just the 7(a) loan, the SBA has a variety of loan programs for almost every small business need!

Seriously. Think of any business expense, and there's a good chance the SBA 7(a) loan can cover it. Does your retail store need a serious design makeover? Use the 7(a). Need to replace the intern bookkeeper you brought on in your startup days with a full-time accountant? The SBA loan program has your back. The funding can help you make a real estate purchase, purchase new office furniture, obtain your very first business mortgage, or acquire the money to refinance a bad debt. In short, SBA loans can be used to help you achieve your biggest business goals.

Valid SBA Funding uses:

• Expansion

• Renovation

• Vacant land

• Building purchases

• Start-up costs

• Equipment and fixtures

• Working capital

• Inventory

• Seasonal line of credit

• Refinancing debt

• Land Acquisition (SBA 504)

• Short-term, cyclical, revolving, and non-revolving working capital (SBA CAPLines)

• Export Expenses (SBA Export Express)

• Consolidation of short-term debts (SBA CAPLines)

• Short-term, cyclical, revolving, and non-revolving working capital for export transactions (SBA Export Working Capital Program)

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SBA (7)(a) Sample Terms:

• Loan Size: Can provide up to $5 million of capital for small businesses

• Loan Term: Have loan terms of up to 10 years for working capital and 25 years for real estate

• Interest Rates: Most loans currently have interest rates between 5.5% and 8% depending on loan size and maturity

• Loan Use: Can be used for working capital, equipment, buying a business or franchise, refinancing debt, and purchasing real estate

• Credit Requirement: Typically require a credit score of around 680

• Down Payments: Usually require a 10% to 20% down payment, as well as a certain amount of collateral

• Timing:SBA 7(a) loans can be approved in between 1-10 days, depending on the lender