SBA 7(a) Loans
As your business grows, WCB can help you with your financing needs for working capital, equipment and inventory. When you’re ready to own a building instead of leasing, WCB is here to help.
The 7(a) loan is the most commonly used SBA loan program.
Benefits:
Longer amortizations
Lower equity investment requirements
Competitive interest rate
Use of Proceeds:
Working Capital
Inventory
Business Acquisitions
Equipment
Real Estate
Debt Refinancing
Loan Amount:
$25,000 to $2,000,000
Max. Loan Terms:
Working capital & inventory – 7 years
Equipment – 10 years
Real Estate – 25 years
Interest Rate:
Fixed or Variable
Eligibility:
Must be a for-profit business
Must meet SBA business-size standards
All owners of 20% or more of the business are required to guarantee
Able to make repayment
Collateral:
Usually requires first priority security interest on business assets and may require guarantors to pledge personal assets.
For more information on SBA 7(a) loans and to find out additional details on how your business may qualify call us at: (818) 449-7700
