SBA 7(a) Loans in Davenport: Rates, Requirements
Davenport is a city located along the Mississippi River in Scott County, Iowa, United States. The population was 99,685 at the 2010 census. The city is the county seat of Scott County.
Davenport is the third-largest city in the Quad Cities metropolitan area, following nearby Des Moines and Iowa City. It is one of the Quad Cities, along with neighboring Bettendorf and several other cities in the area.
Davenport was founded on May 14, 1836, by Antoine Le Claire and was named for his friend, George Davenport, a colonel during the Black Hawk War stationed at nearby Fort Armstrong. According to the 2010 census, the city had a population of 99,685. The median income for a household in the city was $37,371, and the median income for a family was $46,924.
Davenport has a diverse economy with a foundation in manufacturing, agriculture, and healthcare. The city's largest employers include Alcoa, Rock Island Arsenal, Genesis Health System, and the Quad Cities campus of Western Illinois University. The city is also home to the Quad Cities River Bandits, a minor league baseball team.
Davenport is a great place to start a small business because of its diverse economy and friendly business environment. The city offers a variety of resources to help small businesses get started and grow. The Small Business Development Center at Scott Community College provides counseling, training, and resources to help small businesses succeed. The city also offers a Business Incentive Program that provides financial assistance to businesses that create new jobs or make significant investments in the community.
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, in Florida.
Looking for more information about Davenport? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
SBA Loans Comparison Table
Small Business Loans Available in Davenport
There are several options for small business loans in Davenport. 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 Loan
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 Florida, we’ll match you with the best lender: click here.