Chicago, IL, USA
Windsor Advantage, a leading provider of outsourced SBA 7(a) and USDA lending platforms, has facilitated over $4.5 billion in government guaranteed loans since 2010 and manages a portfolio exceeding $1.8 billion for over 100 lenders. With over 150 years of collective SBA lending expertise and offices in Chicago, Indianapolis, and Charleston, the company supports lenders of all sizes in implementing successful government guaranteed lending programs.
Walnut Creek, CA, USA
United Business Bank, a Bauer 5 Star rated institution, is committed to providing clients direct access to decision-makers and expertise in managing cash flow, debt, and business growth. The bank's mission is to achieve "speed of execution" for clients, instill "pride and appreciation" in employees, and deliver "impressive financial performance" for investors.
Albany, NY, USA
Pursuit, a community-focused lender with a 65-year legacy, provides affordable small business loans and resources to businesses in CT, NY, NJ, and PA, with a mission to foster growth and inclusivity. Recognized nationally, they value collaboration, transparency, and diversity, supporting businesses of all sizes, particularly women, minority, and veteran entrepreneurs.
Bethesda, MD, USA
EagleBank, a community-focused bank serving Maryland, Virginia, and Washington, DC, prioritizes local connections and personal understanding of customers, emphasizing face-to-face interactions and locally-driven decision-making. With values of flexibility, involvement, responsiveness, strength, and trust, the bank actively promotes diversity, equity, and inclusion, striving for an inclusive work environment and positive community impact.
New York, NY, USA
Ready Capital, a versatile real estate finance company specializing in small to medium-sized commercial loans, recently merged with Broadmark Realty Capital, Inc., increasing its equity capital to approximately $2.8 billion. The company's focus on commercial real estate loans and strategic acquisitions demonstrate its commitment to growth and innovation in the industry.
Lake Mary, FL, USA
Fountainhead Commercial Capital, a leading non-bank lender in the U.S., specializes in SBA 7a loans for small to midsize businesses, boasting over 301,000 closed loans and $28 billion in funding. They stand out for their personalized service, understanding of unique business stories, and swift approval process, often within 24 hours.
West Reading, PA, USA
Customers Bank, a Pennsylvania-based financial institution, offers comprehensive services including SBA 7A loans, industry-specific solutions, and innovative banking technologies, while prioritizing personalized customer service. This dynamic and reliable bank is an ideal choice for businesses seeking a modern, tailored banking experience.
Miami, FL, USA
NewtekOne, a NASDAQ-traded company since 2000, provides comprehensive business and financial solutions across all 50 states, specializing in enhancing businesses' bottom line through innovative services like lending, insurance, technology, and more. Their offerings include the Newtek Advantage, a cloud-based platform providing immediate access to digital tools and services, and a commitment to transparency through accessible financial statements and a traceable referral process.
Salt Lake City, UT, USA
Celtic Bank Corporation is a specialized financial entity that cater to the unique needs of US businesses. With a deep understanding of the market, they offer flexible and accessible loan options under the Small Business Administration's 7A loan program. Their expertise in navigating the complexities of the program sets them apart, offering an invaluable resource for businesses seeking growth and stability. Utilizing a customer-centric approach, they're committed to helping businesses thrive, making them a trusted partner in economic development. Their professionalism and dedication reflect their vital role in the growth of the American business landscape.
Wilmington, NC, USA
Live Oak Bank, the #1 SBA 7(a) lender by dollar amount for FY 2023, champions US small businesses by simplifying loans and offering competitive savings and CD rates. Customer testimonials highlight its dedication to creative solutions, efficiency, and unmatched service.
SBA 7a loans are available to a wide range of businesses, including startups and existing businesses, across most industries.
To qualify, a business must operate for profit in the U.S., have reasonable owner equity to invest, and exhaust other financial resources before applying.
It's crucial to note that there are also size standards depending on the industry, so not all businesses will qualify.
Choosing an SBA 7a loan over a conventional business loan offers several advantages. These loans, backed by the U.S. Small Business Administration, often provide lower interest rates and longer repayment terms, making them more affordable for small businesses.
Additionally, they require less collateral and have more flexible eligibility criteria compared to conventional loans. This can be an attractive option for businesses that may not meet the stringent requirements of traditional lenders.
Funds from an SBA 7a loan can be utilized for a wide range of business-related purposes. This includes operating expenses, purchasing equipment or real estate, refinancing existing debt, or even acquiring a new business. However, it's important to note that the exact use of funds should be clearly outlined in your loan application and must align with the Small Business Administration's guidelines for this loan type.
SBA 7a loans typically offer competitive interest rates that are capped by the Small Business Administration. These rates can be either fixed or variable, and are typically based on the prime rate plus a markup.
The exact rate you're offered may vary depending on factors such as your business's financials, creditworthiness, and the length of the loan term.
Always compare rates from multiple lenders to ensure you're getting the best deal.
The repayment terms for SBA 7a loans can vary, typically ranging from 5 to 25 years depending on the use of funds.
For instance, working capital loans might have shorter repayment periods, often up to 10 years, while commercial real estate loans can stretch up to 25 years.
It's also worth noting that these loans often have no prepayment penalties if the loan term is under 15 years.
Interest rates can be either fixed or variable, adhering to SBA's lending guidelines.
The specifics, however, may differ slightly between lenders, so it's crucial to thoroughly review the terms with your selected lender.
The loan limit for an SBA 7a loan is $5 million. This cap is set by the Small Business Administration, which guarantees a portion of these loans.
This high limit offers businesses ample financing for various needs, from purchasing new equipment to refinancing existing debt.
It's important to note that while the limit is substantial, the actual loan amount a business qualifies for will depend on factors such as its creditworthiness and projected cash flow.
Applying for an SBA 7a loan involves preparing a comprehensive business plan, gathering necessary financial documentation, and selecting a suitable SBA-approved lender.
The business plan should clearly outline your objectives, market analysis, and financial projections.
Your chosen lender will guide you through the application process, which includes completing the SBA loan application and submitting required documentation such as personal background, financial statements, and income tax returns.
It's crucial to compare different lenders to find one that best fits your business needs.
SBA 7a lenders typically examine several key factors to determine loan eligibility.
Your credit score is pivotal, as it reflects your financial responsibility and creditworthiness.
Lenders also scrutinize your business plan, which should clearly show your ability to generate profit, as well as your cash flow to ensure you can repay the loan.
Lasty, your industry experience and the collateral you offer are also considered, as they provide a safety net for the lender in case of default.
Absolutely, startups can apply for SBA 7a loans. These loans, offered by lenders and backed by the U.S. Small Business Administration, are designed to support small businesses, including newly established ones.
However, securing a 7a loan as a startup can be challenging due to the stringent qualification criteria, which often requires solid credit history and a viable business plan. It's essential for startups to thoroughly evaluate their financial capabilities and business strategies before applying.
The approval timeline for an SBA 7a loan can vary widely, typically ranging from 5 to 10 business days for preliminary approval, and up to 60 to 90 days for full approval. This is contingent on the lender, as well as the completeness and complexity of your application.
It's crucial to have your business documents in order and to work with an experienced SBA lender to streamline this process.
To apply for an SBA 7a loan, you'll need several key documents. These include:
Remember, the more detailed and thorough your application, the easier it will be for lenders to assess your eligibility.
Absolutely, SBA 7a loans can be refinanced or consolidated with other debts. This is typically done to gain more favorable loan terms or to simplify debt management. However, it's crucial to note that the refinancing process and eligibility requirements may vary among lenders, so it's essential to thoroughly research and compare different lenders before making a decision. Always consult with financial advisors or experts in the field to ensure the best possible outcome.