Small Business Loans in Norfolk: Options, Rates, Requirements
A quick look at Norfolk itself and the financing options available to small businesses.
Norfolk Small Businesses
SBA 7(a) Loans connects small business owners in Norfolk with lenders across the country who are prepared to offer the very best terms to support their businesses.
If you are planning to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans 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.
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, both in Norfolk.
Looking for 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.
Small Business Loans in Norfolk
There are many options for small business loans in Norfolk. The Small Business Administration (SBA) offers several loan programs that can be used for a variety of purposes, including working capital, equipment, and real estate. SBA loans are backed by the government, so they typically have lower interest rates and longer repayment terms than other types of loans.
Compare current SBA Loan Rates for Norfolk
|Loan Type||Interest Rate||Repayment Term||Loan Amount|
|SBA 7(a)||10.16% - 12.14%||7 - 25 years||$5,000 - $5 million|
|SBA 504||7.91% ± 1%||10 - 20 years||$125,000 - $20 million|
|SBA Express||12.41% - 14.41%||7 - 25 years||$25,000 - $350,000|
|Based on current Prime Rate, 7.75%. Last updated Mar 20, 2023|
Get an SBA 7(a) Loan in Norfolk
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.
Get an SBA 504 Loan in Norfolk
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 20 years for real estate, and interest rates are generally lower than most conventional financing options. SBA 504 loans cap at $5 million, though small manufacturers may receive up to $5.5 million through this program.
Get an SBA Express Loan in Norfolk
SBA’s Express Loan program are designed for speed: While loans max out at $350,000, the application turnaround time is just 36 hours. 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 Norfolk, we’ll match you with the best lender: click here