Did you know that there are several different SBA 7(a) loan programs available to small business owners? The SBA 7(a) loan is the most popular of these, but it’s actually just one of several government-backed loans offered through lending institutions. Many small business owners may find themselves eligible for many of the SBA's loan programs. However, ech is designed to fit a specific need, so it's helpful to learn about what each has to offer.
Read MoreAn SBA 7(a) loan can take time to move through approval -- typically, 60-90 days. In addition, if your lender is an SBA Preferred lender, they will have the authority to approve your loan much faster than a non-preferred lender. Much of the process depends on the individual lender, and working with a lender that has handled SBA loans before is a good idea if time is a concern.
Read MoreEach of the SBA 7(a) loan programs are loan products guaranteed by the SBA and offered through financial institutions. They are designed to encourage American small businesses to grow and thrive. There are eight main SBA loan programs.
Read MoreAn SBA 7(a) Express Loan has fewer hoops to jump through than the other SBA 7(a) loans, since you won’t be waiting on as many back-and-forth approvals. Of course, you do still need to qualify, you’ll only be backed for up to 50% of $350,000, and an Express Loan may ultimately be more expensive for you, but you could receive a decision within 36 hours of your loan application.
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