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But many lenders have tight requirements to get an SBA loan. For example, for SBA 7(a) and 504 loans, some lenders require personal credit scores of 650 or higher, at least two years in business ...
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
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 ...
The maximum loan amount for a 504 loan is typically $5 million, but it can be up to $5.5 million. Loan funds can be used for fixed assets that promote job creation and business growth.
Businesses can make draws on their lines of credit as needed versus receiving the entire loan amount upfront. ... loans, maximum rates range from 13.50 percent for amounts over $250,000 to 16.50 ...
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
SBA loans can be an affordable type of debt financing for startups. So far, in fiscal year 2024, SBA-approved lenders have approved $3.4 billion in SBA 7(a) loans for startups.
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