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These are bank business loans offered through participating lenders across the United States but guaranteed by the U.S. Small Business Administration (SBA), which reduces risk for banks and opens doors for borrowers who might not qualify for conventional loans. The three most common types are the 7(a) Loan Program, the CDC/504 Loan Program, and Microloans. Each has specific uses, qualifications, and benefits tailored to different stages and needs of a business.
The 7(a) Loan Program is the SBA’s flagship offering, ideal for businesses needing working capital, equipment purchases, or even acquiring another business. These loans can go up to $5 million, with flexible terms—usually up to 10 years for working capital and 25 years for real estate. The most attractive feature of these loans is the lower down payment compared to traditional loans, usually as little as 10% down payment when the purchase of real estate is involved. The interest rates are generally competitive, giving them a powerful financial edge.
The CDC/504 Loan Program is structured for large asset purchases like real estate or heavy machinery. It uses a three-part financing structure: a loan from a private lender (50%), a second loan from a Certified Development Company (40%), and just 10% from the borrower. This setup lowers risk and capital investment for business owners. The terms are long, often up to 25 years, with fixed interest rates on the CDC portion, making it easier to plan for the future without worrying about fluctuating payments.
Lastly, SBA Microloans (typically up to $50,000 ) cater to startups or smaller operations needing a modest amount which usually would not qualify for conventional business financing. For start ups they require a business plan. Although not always required, prior working or business experience on the line of business is highly recommended. Microloans provide the best funding option to fuel your business dreams.
