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SBA loan type. Description. Average loan amount in 2023. Maximum loan amount. Standard 7(a) Can be used for nearly all purposes, including working capital, payroll, expansion and equipment ...
These amounts are better than 2022 data, which shows only $114.8 million went to 722 small businesses, with an average loan amount of $159,009. SBA Community Advantage lenders include mission ...
State. Total SBA amount funded in state. Top 5 SBA lenders. Alabama. $287 million. Live Oak Bank ($35.02 million) Synovus Bank ($20.74 million) Newtek Small Business Finance, Inc. ($16.91 million)
Loan type. Maximum loan amount. Maximum guarantee. SBA turnaround time. Purpose. 7(a) loan. $5 million. 75%. 5 to 10 business days. Working capital, equipment, supplies purchases, real estate ...
SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
Discover the best SBA lenders for 7(a), 504 and Community Advantage loans. Learn requirements and find lenders that accept startups and bad credit. SBA loan statistics: Top lenders
There are three partners in an SBA 504 loan—the borrower, a bank or other regulated lender, and a CDC. Typically the borrower must contribute 10% of the total project cost; their bank lends 50% at their own rate and term (as long as the term is at least 10 years), and has a first lien on the assets being financed; and the CDC lends 40%, with a second lien.
Loan type. Typical amount. Purpose. How it works. Term loan. $1,000 to $1 million. Highly versatile; can be used for equipment, real estate, working capital and more