SBA 7(a) Loans in Chesapeake: Rates, Requirements
Chesapeake is a city located in the Hampton Roads region of Virginia. With a population of over 232,000, it is the third-largest city in the state. Chesapeake is a diverse city with a strong economy. The city's largest employers are in the healthcare, retail, and manufacturing industries.
Small businesses are a vital part of the Chesapeake economy. There are over 11,000 small businesses in the city, employing over 60,000 people. These businesses provide goods and services to the community and contribute to the city's tax base. Small businesses in Chesapeake are supported by a variety of resources, including the Chesapeake Economic Development Authority and the Small Business Development Center.
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 Chesapeake? 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 Chesapeake
There are several options for small business loans in Chesapeake. 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.