Types of SBA Loans
There are various types of SBA loans that we typically offer here at Greater Commercial Lending. There are a couple of additional loan types that are very specialized and not typically seen and those are outlined in the SBA SOP 50 10.
SBA 7a Loans and SBA Express Loans (SBA Express loans are still under the 7a program):
Standard SBA 7a Loan
- All SBA 7a loans that are greater than $350,000
- Any SBA 7a loan that is $350,000 or less that does not meet the minimum SBA credit score
Standard SBA 7a loans require a full underwrite and all of the SBA SOP 50 10 underwriting rules for a standard 7a loan apply
SBA 7a Small Loans
- Any SBA 7a loan that is $350,000 or less that meets the minimum SBA credit score and qualifies for abbreviated underwriting
SBA 7a small loans allow for a credit scoring and an abbreviated underwrite per the SOP 50 10
SBA Express Loans
- Term loans and lines of credit up to $350,000 with a 50% guaranty, maximum terms is based on use of proceeds for the loan and is similar to Standard SBA 7a programs.
- NOTE: many of the requirements for regular SBA loans also apply to SBA Express Loans but not all. Review the SOP 50 10 for details on SBA Express Loans.
SBA Express loans are the only SBA loan of the types addressed here that allows for a business line of credit.