Which SBA Loan is right for your business?

The SBA doesn’t loan money directly to small businesses. Instead, the SBA works with intermediaries to provide low-interest loans with competitive terms to small businesses and startups. These intermediaries could be traditional banks, private lenders, credit unions, or even nonprofit organizations.

The SBA offers several loan programs Let’s explore the different types of SBA loans to determine which best fits the needs of your small business or startup.

SBA 7 (A) Loan Program

SBA Working Capital Loans

Expansion/ renovation; new construction, purchase land or buildings; purchase equipment, fixtures, lease-hold improvements; working capital; refinance debt for compelling reasons; seasonal line of credit, inventory or starting a business

SBA Working Capital Loans

Working capital loans help you cover the daily expenses of running your business and to generally keep your business’s finances flowing smoothly.

Working capital is the lifeblood of a business.

The working Capital loan cannot be used for renovation, build out for a new business location, the loan program is best suited for home-based or businesses that only require office space or warehouse.

Veteran's Advantage program

Must be 51% owned by an eligible veteran. (except for those who have been dishonorably discharged). Active duty service members enrolled in the Transition Assistance Program (TAP). Current spouse of a veteran, active duty service member, reservist, or member of the National Guard. Widowed spouses of veterans or service members who died during service or as a result of service-related disabilities

SBA 504 PROGRAM

Veteran's Advantage program

The CDC/504 loan program is a long-term financing tool for economic development within a community. The 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. There are about 270 CDCs nationwide, with each covering a specific geographic area.