What Is a Pilot 7(a) Program?
The SBA provides Pilot 7(a) loans sporadically to address development of a specific sector or geographical region. Such loans have their own terms and conditions separate from a standard 7(a) loan.
Better Financing Starts with More Options$1.2M offered by a Bank at 6.0%$2M offered by an Agency at 5.6%$1M offered by a Credit Union at 5.1%Click Here to Get QuotesThe SBA provides Pilot 7(a) loans sporadically to address development of a specific sector or geographical region. Such loans have their own terms and conditions separate from a standard 7(a) loan. They’re only offered during a fixed period of time, though their maturity will likely occur after the pilot program has ended.
To learn more about SBA 7(a) loans or to get a free quote, simply fill out the form below!
Related Questions
What is the purpose of the Pilot 7(a) Program?
The purpose of the Pilot 7(a) Program is to provide small businesses with access to capital through the SBA 7(a) loan program. The Pilot 7(a) Program is a special loan program that allows lenders to offer SBA 7(a) loans with more flexible terms and conditions than the standard SBA 7(a) loan program. The Pilot 7(a) Program offers loans with longer repayment terms, higher loan amounts, and lower fees than the standard SBA 7(a) loan program. The Pilot 7(a) Program is designed to help small businesses access capital more quickly and easily than the standard SBA 7(a) loan program. Source
What are the eligibility requirements for the Pilot 7(a) Program?
The Pilot 7(a) Program has the same eligibility requirements as the regular SBA 7(a) loan program. These requirements include:
- A maximum loan amount of $5 million with no minimum loan amount (most loans, however, are $30,000 or more).
- 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.
What are the benefits of the Pilot 7(a) Program?
The Pilot 7(a) Program is a Small Business Administration (SBA) loan program that offers more flexible terms and lower fees than traditional SBA 7(a) loans. The program is designed to help small businesses access capital more quickly and easily. Benefits of the Pilot 7(a) Program include:
- Lower fees than traditional SBA 7(a) loans
- Flexible terms
- No collateral required
- No prepayment penalty
- No minimum credit score requirement
- No maximum loan amount
- No maximum loan term
To learn more about the Pilot 7(a) Program and get a free quote, simply click the button below!
SBA 7(a) Loan Borrower Eligibility RequirementsHow long does it take to get approved for the Pilot 7(a) Program?
The Preferred Lenders Program (PLP) Processing is the fastest way to get approved for the Pilot 7(a) Program. It typically takes 24 hours or less.
For more information, please refer to the following sources:
What types of businesses are eligible for the Pilot 7(a) Program?
The Pilot 7(a) Program is a special loan program offered by the Small Business Administration (SBA) that provides financing for small businesses. According to the SBA, eligible businesses include:
- Medical and dental offices and clinics
- Office condos
- Professional office buildings
- Pharmacies
- Auto-repair businesses (including tires, muffler repair, and transmission firms)
- Pre-schools
- Certain fast-food/quick service restaurant buildings
- Business services and office-based companies
For more information, please visit the SBA website.