SBA 7(a) Loans in Norfolk: Rates, Requirements
Norfolk is a city located in the southeastern part of Virginia. As of 2019, the population of Norfolk was estimated to be 242,803, which makes it the second-most populous city in the state. The economy of Norfolk is largely driven by the service industry, with the city being home to a number of military bases, as well as a major port. Norfolk is also a popular tourist destination, with a number of historical and cultural attractions.
Small businesses are a vital part of the economy in Norfolk, as they account for a significant portion of the city's employment. According to the Small Business Administration, small businesses in Norfolk employ over 100,000 people, or nearly half of the city's workforce. A variety of industries are represented among small businesses in Norfolk, including retail, food and beverage, and healthcare.
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 Norfolk? 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 Norfolk
There are several options for small business loans in Norfolk. 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.
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