SBA 7 a loan program

The SBA has a number of loan programs available to help small businesses obtain financing for a variety of reasons, from debt and equity financing, refinancing, and more. They offer various loan programs to address the specific needs of the small business community, and help them overcome some of the financing challenges they face due to be small businesses. The SBA 7 (a) loan program is a great program set up to help small businesses that fit specific categories get financial help.

The SBA 7 (a) loan program can be used to purchase an existing business, expand an existing business, or start up a new business. It is various programs to help businesses with special requirements get the funding and financing they need. These subsidiary programs address the specific needs of various small businesses in order to promote economic growth and job creation.The beauty of the SBA 7 (a) loans is that the funds are only available for specific businesses and specific purposes, so it is easy to determine if you qualify and if it is the right loan program fro your small business. It also means a more straightforward approach to providing greater amounts of capital to small businesses and entrepreneurs in underserved communities.

These are some of the SBA 7 (a) loan programs available:

Special Purpose Loans Program- These loans are for businesses impacted by NAFTA (North American Free Trade Agreement). There are four loan programs that fall under this type of 7 (a) loan: CAPLines, CAIP, Pollution Control, Employee Trusts.The funds provided by these loans have to be used for specific things, such as assisting employee stock ownership, and putting pollution control mechanisms in place.

Express and Pilot Programs- These are some test programs, or pilot programs that have streamlined the application process as well as the approval time to as little as 36 hours. This means faster responses for people who need quick financing or answers, such as military personnel, or borrowers in distressed communities that won't be able to grow or create jobs without a quick answer to their financing request.

Export Loan Programs-SBA 7 (a) loans that fall under the Export loan program are for small businesses that are interested in expanding overseas, and into the exporting industry. It encourages development in exporting, as long as it provides more jobs.

Rural Business Loans- These SBA 7 (a) loans are designed to help small rural based communities. The idea is to encourage rapid growth and economic development by providing a streamlined application process, eliminating the fees that made the loans far too expensive for many rural business owners to consider as a viable funding source, and encourage lenders to make loans to rural business owners.

SBA 7 (a) loan programs are in place to help promote economic growth and job creation in some of the less served communities, and improve small business opportunities for financing and expansion.