SBA 7(a) Loans in Hampton: Rates, Requirements
Hampton is a city located in the U.S. state of Virginia. As of the 2010 census, the population was 137,436. Hampton is included in the Hampton Roads metropolitan area.
The city's economy is primarily based on the service industry, with the largest employers being the United States government, the City of Hampton, and Langley Air Force Base. Other major industries include tourism, shipbuilding, and retail.
Small businesses are a vital part of the Hampton economy, accounting for over 60% of all businesses in the city. The most popular sectors for small businesses are retail, food and beverage, and personal services.
There are several programs and resources available to small businesses in Hampton, including the Hampton Small Business Development Center and the Hampton Roads Chamber of Commerce.
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 Hampton? 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 Hampton
There are several options for small business loans in Hampton. 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.