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:
Up to $5 million of capital for small businesses
Up to 10 years for working capital and 25 years for real estate
Interest rates are typically between 9.75% and 11.74% (as of January 2023), depending on loan size and term.
A credit score of around 680 is usually required.