Yes, as long as each of your loans fits within the SBA’s lending guidelines, there is nothing preventing you from having more than one SBA loan. This applies to both SBA 7(a) loans and SBA 504 loans. However, if you get approved for two SBA loans of the same kind within a 90 day period, the SBA may treat it as one loan for underwriting purposes.
Who is Eligible for More Than One SBA Loan?
In order to take out more than one SBA loan, your business will need to:
Stay within the SBA’s maximum borrowing amount ($5 million for SBA 7(a) loans, $5.5 million for SBA 504 loans)
Remain within the SBA eligibility requirements for businesses
Keep up a good credit score (typically 680+)
Have collateral for the new SBA loan
Be in good standing on your current SBA loan
How Many SBA Loans Can You Take Out?
In theory, there’s no limit on how many SBA loans a borrower can take out, as long as they remain within the SBA guidelines. In some cases, rapidly-growing companies have taken out up to 9 SBA 504 loans within a 15-year period.
Energy Efficient SBA 504 Loans Allow Borrowers to Take Out $5.5 Million Per Project
If you’re interested in taking out an SBA 504 loan to purchase commercial real estate for your business, you might be interested to learn that the SBA 504 energy efficient loan allows borrowers to take out $5.5 million per project, instead of $5.5 million per business. That amount can also include SBA 7(a) loans. So, for example, a business could potentially take out two, three, or four SBA 504 commercial real estate loans for $5 million and combine each of them with a $500,000 SBA 7(a) loan for working capital in order to finance multiple projects at once.
SBA 504 energy efficient loans are available for businesses that:
Purchase or construct a building that uses 10% less energy than the one your business currently uses
Purchase a building that the business is leasing from and make upgrades that result in the building using at least 10% less energy that it did before
Purchase or construct a building that gets at least 10% of its energy from renewable sources (typically solar or wind)