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SBA 7(a) Fact Sheet: Loan Terms, Fees, and More
Get the essential details on the SBA 7(a) loan in our free fact sheet here. Download now to see the latest rates, maturity, fees, amounts, and other important information about the Small Business Administration's main loan program for entrepreneurs and business owners.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Get the essential details on the SBA 7(a) loan in our free fact sheet here. Download now to see the latest rates, maturity, fees, amounts, and other important information about the Small Business Administration's main loan program for entrepreneurs and business owners.
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Related Questions
What are the eligibility requirements for an SBA 7(a) loan?
The eligibility requirements for an SBA 7(a) loan include:
- The business must meet the SBA's size standards for its particular industry.
- The business must have fewer than 500 employees and less than $7.5 million in revenue each year for the previous three years.
- The business must physically be based in the U.S. and operate within the U.S. and its territories.
- The business must operate for profit.
- Business owners must first have used other sources of financing, including personal funds, in order to qualify.
- Businesses must not be involved in lending, real estate, or speculation.
- Your business must operate for profit. Nonprofits and not-for-profit businesses are not eligible.
- You must also have some equity in the business — this could mean you already have a profitable business, or you could use your own personal equity as collateral.
- If you have any alternative financial resources, you must have used them first. For example, if you have a personal savings account or are able to get a personal loan, then you must first pursue those options before applying for an SBA 7(a) loan.
- The business owner cannot be on parole.
- You must be doing business in the U.S. or its territories.
What are the maximum loan amounts for an SBA 7(a) loan?
The maximum loan amount for an SBA 7(a) loan is $5 million. The loan has no minimum, which is good news for small businesses. For example, in 2010, a small business in eastern Missouri obtained a $5,000 SBA 7(a) loan.
If you need more than the max amount of $5 million, the SBA 504 program or another loan is a better fit.
What are the repayment terms for an SBA 7(a) loan?
The repayment terms for an SBA 7(a) loan vary depending on the type of loan. For commercial real estate loans, the loan term is up to 25 years. For equipment loans, the loan term is up to 10 years. For working capital loans, the loan term is also up to 10 years. The maximum interest rate is between 7.25% and 9.75%.
Learn more: Understanding How the SBA Guarantees Loans
What are the interest rates for an SBA 7(a) loan?
The interest rates for an SBA 7(a) loan depend on the amount of the loan and the maturity of the loan. For loans with a maturity of less than 7 years, the interest rate is the prime rate plus 4.25% for loans of $25,000 or less, 3.25% for loans between $25,001 and $50,000, and 2.25% for loans of $50,001 and up. For loans with a maturity of more than 7 years, the interest rate is the prime rate plus 4.75% for loans of $25,000 or less, 3.75% for loans between $25,001 and $50,000, and 2.75% for loans of $50,001 and up. The Current prime rate is 8% as of May 2023.
Source: www.sba7a.loans/sba-7a-loans-small-business-blog/what-is-the-sba-7a-loan-interest-rate and www.sbaexpress.loans/blog/sba-express-loan-interest-rates