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SBA 7(a) Loan Details

  • Loans ranging from $25,000 to $5 million
  • Lower collateral requirements
  • Longer repayment terms
  • Financing for variable assets

Eligibility Criteria for SBA 7(a) Loans

Small Business Size

Must meet the SBA small business criteria, typically with a tangible net worth under $15 million and an average net income of $5 million or less over the past two years.

For-Profit Business

The business must be for-profit and legally operating in the US. Certain businesses, like real estate investment firms and pyramid schemes, are ineligible.

Use of Funds

SBA 7(a) loans must be used for legitimate business purposes like working capital, equipment purchases, refinancing debt, real estate acquisition, or business expansion.

Owner's Equity

Business owners must contribute their own equity to the business, demonstrating commitment and reducing lender risk. Personal credit histories are considered.

Ability to Repay

Business must show it can repay the loan through historical and projected cash flow.

No Federal Delinquency

The business and its owners must not have any outstanding federal debts or delinquencies, including tax liens.

Flexible Funding to Fuel Your Business Growth

1. Compare SBA loans to ensure SBA 7(a) is right for you.
2. Apply online by clicking the link below or connect with an expert for personalized service.
3. Receive funds after your application is approved and begin funding your next business project!

Frequently Asked Questions

What is the approval time for SBA 7(a) loans?

The process typically takes several weeks to a few months, depending on the complexity of the application.

How do you determine the interest rate for an SBA 7(a) loan?

Interest rates vary based on the prime rate, loan amount, creditworthiness, and market conditions.

Is collateral needed for an SBA 7(a) loan?

Full collateral coverage is not typically required, and loans are not declined solely based on a lack of collateral.

Are startups eligible for an SBA 7(a) loan?

Startups are eligible but may need to provide additional documentation to demonstrate business viability and repayment ability.

Can I pay off my SBA 7(a) loan early without penalties?

Generally, there are no prepayment penalties, though loans with longer amortization (15 years or more) may have penalties.

Can I use an SBA 7(a) loan to refinance existing debt?

SBA 7(a) loans can be used to refinance existing debt, subject to certain conditions and limitations.

What is the difference between SBA 504 and SBA 7(a) loans?

  • SBA 7(a) loans are versatile and used for working capital, business acquisitions, equipment purchases, and more.
  • SBA 504 loans are primarily used for purchasing real estate or long-term assets.

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