Types of SBA Loans
Small business loans with a Small Business Administration guarantees make it easier to access the financing you need to start, run and expand your business. The experts at Greater Commercial Lending are here to help you determine which loan program is right for your business.
Types of SBA Loan Programs
There are several types of loans to choose from, depending on the needs of your small business. Let our team of lending experts help you determine if a SBA 7(a), 504, Express, Veterans, CAPLines or ITL/EWCP loan is right for you.
To be eligible for SBA loan assistance, a small business must be engaged in for-profit business in the U.S., meet SBA eligibility requirements, and demonstrate the ability to repay the loan.
SBA 7(a) Loans
Finance a variety of business needs with an SBA 7(a) loan. The SBA 7(a) loan can be used by U.S. businesses to purchase real estate or make improvements to existing property, including rented property, refinance business debt, and purchase equipment, fixtures or supplies. It can also be used for working capital to operate your business.
SBA 7(a) loans have long-term repayment and a $5 thousand to $5 million loan amount.
SBA 504 Loans
Promote business growth and job creation with a fixed-rate loan for major fixed assets. The SBA 504 loan program provides long-term financing for the purchase or improvement of real estate, facilities, large machinery and equipment. A 504 loan cannot be used for working capital, inventory, consolidating or refinancing debt, or investment in real estate.
SBA 504 loans have up to a 25-year repayment term and low interest rates on up to $12.5 million.
SBA Express Loans
Get a response to your loan application within 36 hours and finance up to $500,000. With the accelerated loan process, businesses approved for an SBA Express loan can access funds within 90 days.
SBA Express loans can be used for a variety of business uses, including short-term and long-term working capital, purchasing real estate, equipment, supplies and materials, construction, business acquisition or expansion, and refinancing debt.
The repayment term of Express loans varies from 10-25 years, with a minimum of 7 years for revolving lines of credit. Interest rate will be based on overall credit risk, loan amount and repayment terms.
SBA Veterans Advantage Loans
Waive up-front guarantee fees on an SBA loan for qualifying veteran owned and controlled businesses. Eligible applicants are businesses owned and controlled by a veteran, active-duty military service member or reservist, a spouse of one of these groups or a widowed spouse of a service member who died during service.
The Veterans Advantage loan can be used by U.S. businesses to purchase real estate, refinance business debt and purchase equipment, fixtures or supplies. It can also be used for working capital to operate your business.
Veterans Advantage loans have a low interest rate, a $350,000 cap and repayment terms that vary from 10-25 years.
SBA CAPLines
Meet short-term and cyclical working capital needs with a loan for construction contractors and homebuilders. CAPLine loans can be used for seasonal or short-term working capital or as a revolving line of credit.
CAPLine loans have a maximum repayment term of 10 years on up to $5 million.
SBA International Trade or Export Working Capital Programs
Enter or expand into international markets or fund export transactions with up to $5 million in financing. Eligible businesses must meet SBA requirements and be engaged or preparing to engage in international trade.
International Trade loans (ITL) and Export Working Capital Programs (EWCP) can be used to fund expansions, purchase new business assets, or for working capital to support international trade.
ITL and EWCP loans have a maximum repayment of 25 years dependent on collateral on up to $5 million.
How SBA Loans Can Help Your Business
SBA loans can be used to meet the needs of a variety of small to mid-size business at any stage of growth, from start-up through business expansion. Depending on your business needs, you can access loans with 7-25-year repayment terms and a maximum loan amount of up to $5 million.
Interest Rates and Fees
The interest rates and fees of SBA-guaranteed loans are competitive to non-guaranteed loans.
Long Repayment Terms
Pay back the funds you borrow, slowly over time with 7–25-year repayment terms.
High maximum loan amount
Access between $5 thousand and $5 million in financing depending on eligibility.