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It offers a maximum lending amount of $5 million. SBA 7(a) loans can be used for short- and long-term working capital, refinancing existing business debts, purchasing new machinery and equipment ...
Loan amount. Up to $500,000. Maximum SBA guarantee. 50%. SBA approval time. 36 hours. ... Cons of SBA loans. Strict eligibility requirements. Down payment and collateral may be necessary.
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.
7(a) loans: This loan program is the SBA’s most popular. The maximum loan amount for a 7(a) loan is $5 million. The funds can be used for short and long-term working capital, refinancing current ...
Loan amounts. Interest rates. Loan terms. Maximum SBA guarantee. SBA Express loan. $500,000. 11.50% to 16.50%. Up to 10 years for term loans or lines of credit; 25 years for property purchases or ...
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.
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