SBA 7a Loans

SBA 7(a) loans help qualifying business owners secure financing for a wide range of business purposes. In many cases, SBA 7(a) loans are reserved for business owners and entrepreneurs who are unable to qualify for a general business loan through a bank. Learn more about SBA 7(a) loans, including how to apply for one, below.

Understanding SBA 7(a) Loans

As a result of having a sizable amount of the loan guaranteed by the SBA, the lender can lower interest rates and offer loans to a wider range of borrowers. Unlike SBA 504 loans which are intended solely for the use of real estate or machinery, SBA 7(a) loans can be used towards a wider range of needs

Loan Application Checklist

The loan application checklist includes 10 items necessary for review by the SBA:

  1. SBA 7(a) application
  2. A statement of the requester's personal information and financial background
  3. Financial statements for your business
  4. A list of other owners or affiliates that may be affected by lending
  5. Business certificate or license
  6. Complete history of any loan or lending applications
  7. Copies of both personal and business income tax returns
  8. Resumes for those requesting the loan
  9. History of the business, as well as a growth and development plan explaining why the loan is needed
  10. A copy of your business lease signed by the current landlord

Additional information will be requested from those purchasing an existing business.

Claris Finance Can Help You Find SBA 7(a) Loans

Claris Finance helps business owners, executives and entrepreneurs find financing that meets the unique needs of their businesses. Reach your business goals by letting us assist in getting your next loan from our expansive network of lenders. Contact us online today

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Sources:
Quickbooks: http://quickbooks.intuit.com/r/money/sba-7a-loans-explained/
US Small Business Administration: https://www.sba.gov/

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