FUNCTION: Serves as the SBA’s primary business loan program to help qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels. It is also the agency’s most flexible business loan program, since financing under this program can be guaranteed for a variety of general business purposes.
Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.
CUSTOMER:
Start-up and existing small businesses, commercial lending institutions
DELIVERED THROUGH: Commercial lending institutions
SBA offers multiple variations of the basic 7(a) loan program to accommodate targeted needs.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox