![]() ![]() The following are the various types of 7(a) loans available to small businesses: It is because the SBA supports up to 75% of the loan. Although the maximum loan amount is $1.5 million, a business can borrow up to $2 million. The loans for working capital have a maximum maturity term of 10 years and the maximum maturity term for the loans for fixed assets is 25 years. ![]() Named after section 7(a) of the Small Business Act, the loan program is flexible since it can be used for various purposes, such as buying equipment or machinery, working capital, and debt financing. The 7(a) loan program is the frequently used loan program for helping start-up and small businesses obtain funds when they are unable to get them through usual channels. The following are the basic categories of the loans backed by the federal agency: 1. Most of the Small Business Administration loans can be used to purchase equipment, renovate facilities, finance receivables, and also fund the acquisition of business facilities. Types of Small Business Administration Loans There are several loan programs offered by the Small Business Administration, which companies can look at and apply after reviewing the eligibility.The SBA helps people to start small businesses, win state contracts, and provides advice in the areas of management and finance. ![]() The Small Business Administration (SBA) is a federal agency of the United States that serves start-ups and small businesses. ![]()
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