SBA 7(a) Loans in Newport News: Rates, Requirements
Newport News is a city in Virginia with a population of over 180,000 people. The city's economy is largely based on shipbuilding, which has been a major industry since the late 19th century. Newport News is also home to a number of small businesses, many of which are located in the city's historic downtown area.
The shipbuilding industry is a major contributor to Newport News' economy, and the city is home to several large shipyards. Newport News Shipbuilding, a division of Huntington Ingalls Industries, is the largest employer in the city, with over 6,000 employees. The shipyard is responsible for building a number of U.S. Navy ships, including aircraft carriers and submarines.
Small businesses are also a significant part of Newport News' economy, accounting for over 30% of all businesses in the city. Many of these businesses are located in the city's historic downtown area, which is home to a number of shops, restaurants, and other businesses.
Comparing SBA Loan Types in Newport News
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 Newport News? 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 Newport News
There are several options for small business loans in Newport News. 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 Newport News, we’ll match you with the best lender: Click here for a free quote.