{"id":211,"date":"2019-10-24T18:53:53","date_gmt":"2019-10-24T18:53:53","guid":{"rendered":"http:\/\/capfront.net\/?p=211"},"modified":"2022-11-17T15:40:53","modified_gmt":"2022-11-17T15:40:53","slug":"what-is-the-sba-7a-loan-what-are-the-different-types","status":"publish","type":"post","link":"https:\/\/capfront.net\/es\/what-is-the-sba-7a-loan-what-are-the-different-types\/","title":{"rendered":"What is the SBA 7(a) Loan? What are the Different Types?"},"content":{"rendered":"<p class=\"\" style=\"white-space: pre-wrap;\">You&#8217;re a business owner encountering hard times. Fewer customers&nbsp;are visiting your bakery shop over time.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">You must also make payroll to pay your employees. Also, you must invest in new kitchen equipment. All of these expenses are adding up, and you don&#8217;t know where to find the revenue.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">You begin thinking about a business loan. However, you don&#8217;t know if you qualify. One day, a friend mentions an SBA 7a loan program from the Small Business Administration (SBA).<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">You&#8217;re intrigued, but you don&#8217;t know if you qualify.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">How does the loan process work?<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">Under a SBA 7a loan program, the government guarantees the loan up to a certain amount. However, you wouldn&#8217;t borrow from the SBA itself. Rather, the government will refer you to a bank or lender&nbsp;to obtain the loan.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">You can also choose from several other types of SBA 7a loans, such as an SBA Express Loan or an Export Express Loan. This article will provide an in-depth guide into SBA loan programs and SBA loan requirements. Read further if you wish to know more.<\/p>\n<h2 style=\"white-space: pre-wrap;\"><strong>Inner-Workings of an SBA 7a Loan<\/strong><\/h2>\n<p class=\"\" style=\"white-space: pre-wrap;\">Under conventional SBA 7a, you can borrow up to $5 million. In most cases, the repayment terms last for up to 10 years. The SBA will back 85 percent of the loans up to $85K and 75 percent for loans over $150K.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">You don&#8217;t have to&nbsp;<a href=\"https:\/\/www.investopedia.com\/terms\/c\/collateral.asp\">put up collateral<\/a>&nbsp;if you borrow $25K and under. Loans over $350K require collateral, and the SBA requires the lending institution to collateralize the loan to the fullest extent possible.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">Overall, you can use the loan for the following purposes:<\/p>\n<ul data-rte-list=\"default\">\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\">Hire new employees<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\"><a href=\"https:\/\/capfront.net\/es\/blog\/2019\/12\/10\/equipment-financing-how-does-it-work\/\">Purchase new equipment<\/a><\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\">Refinance debt obligations<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\">Expand your business operations<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\">Upgrade electronic equipment<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" style=\"white-space: pre-wrap;\">You can use the funds for any aspect of your business.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">Another version of the SBA 7a loan is the 7a Small Loan Program, which is a smaller version of the standard SBA 7a. Under the Small Loan 7a, you can borrow up to $350K. The small-loan program also adheres to the same guarantees and standards as standard SBA 7a loans.<\/p>\n<h2 style=\"white-space: pre-wrap;\"><strong>SBA Express Loans<\/strong><\/h2>\n<p class=\"\" style=\"white-space: pre-wrap;\">An SBA Express carries the same borrowing limit as the Small Loan program, which is $350K. However, an SBA Express&nbsp;loan only carries a 50-percent guarantee.&nbsp;Additionally, the application and&nbsp;<a href=\"https:\/\/loans.usnews.com\/what-is-loan-underwriting\">underwriting process<\/a>&nbsp;take less time, allowing you to get funding sooner.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">You can also utilize Exporting Working Capital Loans and Export Express loans. Both of these loans break down as follows:<\/p>\n<ul data-rte-list=\"default\">\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\">Short-term loans<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space: pre-wrap;\">Guarantee backing between 75 percent to 90 percent<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" style=\"white-space: pre-wrap;\">The Export Working Capital option affords you a $5 million borrowing limit, and the Export Express Loan has a cap of $500K.<\/p>\n<h2 style=\"white-space: pre-wrap;\"><strong>What are the SBA 7A Loan Qualifications?<\/strong><\/h2>\n<p class=\"\" style=\"white-space: pre-wrap;\">To qualify for an SBA 7a, you must retain less than 500 employees. Moreover, your tangible net worth must fall below $15 million and your two-year average net income must fall below $5 million. You must meet various other thresholds, including a minimum 640 FICO score, satisfactory credit history and adequate cash flow to cover the debt.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">However, the SBA 7a option increases your chances of getting funding because the SBA backs your loan. Therefore, a bank or lender is more willing to finance your business needs.<\/p>\n<p class=\"\" style=\"white-space: pre-wrap;\">Are you thinking about an SBA loan?&nbsp;<a href=\"https:\/\/capfront.net\/es\/blog\/2020\/2\/20\/its-all-about-timing-when-is-taking-out-a-business-loan-a-good-idea\/\">Click here<\/a>&nbsp;to loan about the right time to fund your business.<\/p>","protected":false},"excerpt":{"rendered":"<h2>A small business loan may help your business to succeed! One type of loan is the SBA 7a Loan, which also has many variations. Find out which is best for you!<\/h2>","protected":false},"author":1,"featured_media":259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is the SBA 7(a) Loan? What are the Different Types? - CapFront<\/title>\n<meta name=\"description\" content=\"Are you thinking about an SBA loan? 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