What levels of funding are available through the SBA?
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What levels of funding are available through the SBA?
SBA Loan Types Chart
| SBA Loan Program | Maximum Loan Amount | Terms |
|---|---|---|
| PPP loan | Up to 2.5x amount of business owner’s average monthly payroll with maximum of $10 million | Five years |
| 7(a) loan | $5 million | Up to 25 years |
| 7(a) Small loan | $350,000 | Up to 25 years |
| Express loan | $350,000 | Up to 25 years |
Is there a limit to SBA loans?
Amounts – The maximum loan amount is $5 million. The total SBA guarantee for any one borrower may not exceed $3,750,000. Maturity – Up to 25 years for real estate acquisition or construction. Most other SBA loans are limited to 10 years.
What types of businesses are eligible for SBA services?
Eligible SBA 7(a) Business Opportunities
- Assisted Living Facilities.
- Motels, Hotels, and B&Bs.
- Restaurants.
- Bars and Clubs.
- Retail Stores.
- Business Services and Office-Based Companies.
- Auto Repair Shops.
- Car Dealerships.
How are small businesses financed?
You can get business financing by taking on debt, like small-business loans from traditional banks and online alternative lenders, or offering investors equity. The right financing for your business will depend on factors such as: why you need funding, how fast you need it and your business’s qualifications.
What are the two main types of financing available to small businesses?
There are two main types of financing available for companies: debt financing and equity financing. Debt is a loan that must be paid back often with interest, but it is typically cheaper than raising capital because of tax deduction considerations.
Is the SBA EIDL loan still available?
EIDL loan and Targeted Advance applications will be accepted until December 31 and will continue to be processed after this date until funds are exhausted.