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7(a) loans are the most basic and most used type loan of the Small Business Administration’s (SBA) business loan programs. It’s name comes from section 7(a) of the Small Business Act, which authorizes the agency to provide business loans to American small businesses. The loan program is designed to assist for-profit businesses that are not able to get other financing from other resources.
SBA provides loans to businesses – not individuals – so the requirements of eligibility are based on aspects of the business, not the owners. All businesses that are considered for financing under SBA’s 7(a) loan program must: meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment. Certain variations of SBA’s 7(a) loan program may also require additional eligibility criteria. Special purpose programs will identify those additional criteria.
For more detailed eligibility requirements, please visit the 7(a) Loan Program Eligibilitypage.
The maximum length of the loan is 25 years for real estate and seven years for working capital. The maximum loan amount is $2 million.
For more information, please visit 7(a) Loan Amounts, Fees and Interest Rates page.
To apply, start with the 7(a) Loan Application Checklist page.
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A guide for US Government Federal and State Benefits published by benefits.gov
This is a third party app and we are not affiliated with benefits.gov or US Government.. If you are looking for an app that consolidates all the benefit listings by Federal and US states, this is a good app to start with. Listings can also be found on the benefits.gov website.