What is a 7(a) loan?
The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase.
How do I use the 7(a) loan?
Basic uses for the 7(a) loan include:
Long- and short-term working capital
Revolving funds based on the value of existing inventory and receivables
The purchase of equipment, machinery, furniture, fixtures, supplies, or materials
The purchase of real estate, including land and buildings
The construction a new building or renovation an existing building
Establishing a new business or assisting in the acquisition, operation or expansion of an existing business
Refinancing existing business debt, under certain conditions
Am I eligible?
To be eligible 7(a) loan assistance, businesses must:
Operate for profit
Be considered a small business, as defined by the SBA
Be engaged in, or propose to do business in, the United States or its possessions
Have reasonable invested equity
Use alternative financial resources, including personal assets, before seeking financial assistance
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
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