SBA 7(a) Loans in Michigan: Rates, Requirements
Looking for a small business loan in Michigan? Here's what you need to know about the types of loans available, rates, and requirements.
When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs 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.
SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.
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, in Michigan.
Looking for more information about Michigan? 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 Michigan
There are several options for small business loans in Michigan. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.
SBA Loan Terms Comparison Table
|Loan Type||Interest Rate||Repayment Term||Loan Amount|
|SBA 7(a)||9.25% - 11.24%||7 - 25 years||$5,000 - $5 million|
|SBA 504||7.00% ± 1%||10 - 20 years||$125,000 - $20 million|
|SBA Express||11.50% - 13.50%||7 - 25 years||$25,000 - $350,000|
|Based on current Prime Rate, 7%. Last updated Dec 1, 2022|
Get an SBA 7(a) Loan in Michigan
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 Michigan
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.
Get an SBA Express Loan in Michigan
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 Michigan, we’ll match you with the best lender: click here