SBA 7(a) Loans in Naperville: Rates, Requirements
Naperville is a city located in DuPage and Will counties in the U.S. state of Illinois, and a suburb of Chicago. As of the 2010 census, the city had a population of 141,853, which was estimated to have increased to 147,682 by 2019.
Naperville was voted the second-best city in the United States to live in by Money magazine in 2006 and it was rated first on the list of best cities for early retirement in 2013 by Kiplinger. It was ranked among the nation's safest cities by Business Insider and SafeWise in 2015. In a 2010 study, Naperville was named the healthiest city in the United States. It was ranked as the wealthiest city in the Midwest and the fifteenth wealthiest city in the nation by NerdWallet in 2013.
The city has an active small business community, with over 1,300 small businesses. The top five employers in Naperville are Edward Hospital, Nicor, OfficeMax, Ribfest, and Tellabs. The city's downtown area is home to many restaurants, bars, and shops. The Naperville Riverwalk is a popular destination for residents and visitors.
Comparing SBA Loan Types in Naperville
When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.
SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.
Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge.
Looking for more information about Naperville? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
Small Business Loans Available in Naperville
There are several options for small business loans in Naperville. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.
1. SBA 7(a) Loans
The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.
2. SBA 504 Loans
The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 25 years for real estate, and interest rates are generally lower than most conventional financing options.
3. SBA Express Loans
SBA's Express Loan program are designed for speed: While loans max out at $500,000, the application turnaround time is just a few days. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.
If you are interested in applying for a small business loan in Naperville, we’ll match you with the best lender: Click here for a free quote.