Let 2025 be a year of growth for your organization! Through the U.S. Small Business Administration (SBA) you have several loan options available to you that are guaranteed (either in part or in whole) by the US government. Two of the options available to you are the SBA 7(a) loan and the SBA 504 long term loan.
Let’s learn a little bit about the features of these loans:
The SBA 7(a) loan program can have a loan term up to 25 years (depending on the collateral) and is guaranteed by the U.S. government up to 75-90% of the loan (depending on the loan amount). It can be used to acquire or improve real estate or buildings, purchase furniture, fixtures, or supplies, refinance current business debt, and more.
The SBA 504 long term loan features fixed rates and terms in the length of 10, 20, and 25 years. This loan can be useful to grow your business through the construction of new facilities, consolidation of debt, purchases of long-term machinery and equipment, and more.
Both of these loan types have limits and restrictions, so our lenders can discuss your options with you and help you determine what are the best options for your business going forward. If you have questions about using either (or both!) of these loans to help you grow your business in the new year, chat with our team of lending professionals to get started today.