Small Business Administration Loans – The 7(a) Loan Program
The Small Business Administration (SBA) 7(a) loan program is the SBA’s main lending program, providing financial assistance to small businesses throughout the US. At Fairway Funding, our extensive network of trusted lenders helps small businesses apply for and receive SBA 7(a) loans, preventing you from wasting time searching for SBA-approved lenders.
Am I Eligible for a 7(a) Loan?
To be eligible for 7(a) loan assistance, businesses must:
· Operate for profit
· Be considered a small business, as defined by SBA
· Be engaged in, or propose to do business in, the United States or its possessions
· Be able to demonstrate a need for a loan
· Use the funds for a sound business purpose
· Not be delinquent on any existing debt obligations to the U.S. government
· Be creditworthy and reasonably assure repayment of the loan
-SBA
Standard 7(a) Loan
Standard 7(a) Loans provide a maximum of $5 million with revolving lines of credit for up to 10 years. The turnaround time is typically 5-10 business days.
7(a) Small Loan
7(a) Small Loans are similar to Standard 7(a) Loans, but they provide a maximum of $350,000.
SBA Express Program
The SBA Express Program provides a maximum of $500,000, featuring an accelerated turnaround time of under 36 hours.