SBA 7(a)
The 7(a) general small business loans program is the SBA’s most popular loan program. Its purpose is to help small businesses that are unable to secure conventional financing to operate or expand their businesses. An SBA 7(a) loan can provide funds for commercial real estate, community facilities, business acquisition, equipment, working capital, debt financing, or other needs specific to a small business.
There are multiple types of 7(a) loans that can fit the specific needs of a borrower. Terms of the loan will vary depending on the size and type of 7(a) loan. Applicants through the Vendor Impact Fund will have access to the Standard 7(a) loan, 7(a) Small loan, and SBA Express loan.
Maximum Loan Amount:
- Standard 7(a): $5 million
- 7(a) Small Loan: $350,000
- SBA Express: $350,000
Maximum Term
- 25 years for real estate
- 10 years for equipment
- 10 years of working capital or inventory loan
Interest Rate
Negotiated up to SBA maximum, depending upon term and loan size
Use of Proceeds
Commercial real estate, community facilities, business acquisition, equipment, working capital, debt financing, or other needs specific to a small business
Collateral Required
Yes
CRF team members will work with the applicant to evaluate their financing needs and to determine whether a 7(a) loan is right for their business.
Additional information on 7(a) loans can be found here.
The number of 7(a) loans through Vendor Impact Fund will be limited. Applications will be reviewed on a rolling first-come, first-served basis. We therefore recommend applying as soon as possible.