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SBA 7(a) Guide

Small business loans, simplifed.

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What are SBA 7(a) loans?

The 7(a) Loan Program is the SBA’s primary program for providing financial assistance to small businesses. The program provides loans to small businesses with the goal of promoting economic development and job creation. Borrowers can receive up to $5 million through the program, with repayment terms of up to 25 years. SBA 7(a) loans are attractive to small businesses because they offer high leverage and fixed-rate terms. Additionally, 7(a) loans are non-recourse, meaning that the small business owner is not personally liable for the loan. Available for a variety of purposes, including working capital, equipment, and real estate.
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⁠If you’re thinking of applying for a 7(a) loan, it’s important to understand the eligibility requirements and application process. We can help you navigate the process and get the financing you need.
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Long repayment terms

SBA-backed guarantees

Up to $5 million in financing

Get an SBA 7(a) Loan for Your Small Business

If you’re looking for small business financing, and you’ve exhausted all the conventional options, the SBA 7(a) loan could be a great way to fund your business. Right now, the SBA 7(a) loan is the most popular loan guaranteed by the U.S. Small Business Administration (SBA), with $36.5 billion of loans approved in 2021 alone.

Here are some key details about SBA 7(a) financing:

Loan Size	Up to $5 million of capital for small businesses
Loan Term	Up to 10 years for working capital and 25 years for real estate
Interest Rates	Interest rates are typically between 9.75% and 11.74% (as of January 2023), depending on loan size and term. ⁠Check live rates →
Loan Use	Working capital, equipment, buying a business or franchise, refinancing debt, and purchasing real estate. ⁠SBA 7(a) Common Uses →
Credit Requirement	A credit score of around 680 is usually required. ⁠Credit Score Requirements →
Down Payments	Usually requires a 10% to 20% down payment as well as a certain amount of collateral. ⁠SBA 7 (a) Down Payments →
Timing	SBA 7(a) loans can be approved in between one and 10 days, depending on the lender. ⁠Typical Approvement Time →

Try Our SBA 7(a) Loan Calculator

⁠Our easy-to-use SBA 7(a) loan calculator can help you know what to expect in terms of interest rates and monthly payments.

SBA 7(a) Loan Calculator →

SBA 7(a) Loan Terms and Requirements

SBA 7(a) loans offer flexible loan amounts, maturity, and rates to fit every situation. Whether you need a small working capital loan or a million-dollar note to build a facility, the SBA can help. However, in order to qualify for an SBA loan like the SBA 7(a) loan, your business will have to meet certain requirements.

Must not be over the SBA size limit for your particular industry
Must not be able to get a comparable loan from a bank on reasonable terms
Must not be involved in lending, rental real estate, investing, or speculation
Must operate as a for-profit business; no non-profits allowed

2023 SBA 7(a) Interest Rates

SBA 7(a) interest rates vary based on the Wall Street Journal Prime, or WSJ Prime. The typical interest rates for specific loans can be calculated using the interest rate spreads below.

REAL ESTATE LOANS (25-YEAR TERMS)

Special Use Property: WSJ Prime plus 2.75%
Mixed-Use Property: WSJ Prime + 2.00%
Refinance (with no cash out): WSJ Prime + 1.75%

NON-REAL ESTATE LOANS (10-YEAR TERMS)

Loans under $350,000: WSJ Prime plus 3.50%
Loans between $350,001 and $5 million: WSJ Prime plus 2.75%

See all SBA 7(a) loan terms →

Uses for the SBA 7(a) Loan

⁠SBA loans help small business owners get business mortgages for commercial real estate, working capital loans, equipment loans, and much more. Get fast access to capital, amounts up to $5 million, and leverage 85% of the cost of new construction or business-owned commercial real estate.
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⁠Learn more about the SBA 7(a) loan →

Latest Posts from the Small Business Blog

What is a Small Business Administration (SBA) Loan?

A Small Business Administration loan is a type of business financing guaranteed by the U.S. Small Business Administration or “SBA”. The SBA sets guidelines and works closely with lenders in order to secure these loans, which minimizes risk for the lender, making obtaining small business financing infinitely easier.

Learn more →

Top 5 SBA 7(a) Lenders of 2022

With close to $18.1 billion in approved SBA 7(a) loans so far this year, we take a look at this year’s five biggest lenders by volume.

Learn more →

What is the SBA Veterans Advantage Program?

The SBA Veteran Advantage Program is an amazing supplement to the already outstanding SBA loan program. The Small Business Administration honors veterans and other qualified individuals with lower fees on all of their popular loan products.

Learn more →

How to get your loan approved faster?

When you’re in the market for a business loan, getting access to the funds you need quickly is definitely a priority. If you work with an SBA Preferred Lender, you’ll get your loan processed far faster than working with another lender.

Learn more →

Finding a Lender

SBA lenders exist in most U.S. cities. Banks, credit unions, savings & loans companies, and specialized lenders can all operate as SBA 7(a) lenders. Like any important decision about your business, it’s smart to shop around for a lender.
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⁠Find a lender near you →

Commercial Real Estate Loans

Get the financing you need for commercial real estate through the SBA. Learn about the SBA 7(a) loan for different property types, including owner-occupied real estate, land, and business rental properties.

SBA loans for CRE →

SBA Loan Glossary and FAQs

Baffled by SBA terminology? Get answers to your specific SBA loan questions in our massive SBA 7(a) loans glossary and FAQs database.
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⁠Browse SBA Loan FAQs →

Do I Qualify?

Qualification for an SBA loan isn't complicated — but there are some restrictions based on industry and credit history. Find out if you're eligible for an SBA loan and prepare your business for the best chance of approval by reading up on what it takes to qualify for an SBA 7(a) loan.
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⁠Qualifying for an SBA loan →

Other SBA Loan Types

While the 7(a) loan program may be the SBA’s flagship financial product, it’s far from the only loan they guarantee. And, at SBA 7(a) Loans, we want you to get the perfect financing solution for your business, even if isn’t an SBA 7(a) loan — or an SBA loan at all.

Some of the most popular other loans from the SBA include:

SBA 504 loans: Designed specifically for purchasing land, existing buildings, machinery, and other fixed assets, SBA 504 loans have lower interest rates than SBA 7(a) loans and can be issued in amounts up to $5.5 million in some circumstances. SBA 504 loans, however, cannot be used for working capital.
SBA disaster loans: These loans are designed to help businesses recover in the face of natural disasters. Unlike other SBA loans, disaster loans are provided directly through the SBA, not simply guaranteed by them. SBA disaster loans come in a few major varieties, highlighted below.
- Business physical disaster loans: With loan amounts up to $2 million, these loans are designed to help business owners repair buildings, equipment, and other tangible assets. These loans are available to businesses of any size and even many nonprofits.
- Business economic injury disaster loans (EIDL): Also available in amounts up to $2 million, these loans provide working capital for small businesses, certain co-ops, and some nonprofits.
- Home and personal property disaster loans: After a disaster, home owners or condominium owners can borrow funds from the SBA in order to help repair or replace their primary home and personal property. Primary home repair/replacement loans are available in amounts up to $200,000, while personal property repair/replacement loans are available in amounts up to $40,000.

Learn more about different kinds of SBA loans →

Getting a small business loan should be easy.⁠ Now it is.

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