SBA 7(a) Loans

While the loan is partially guaranteed by the Small Business Administration, the financing is delivered through an approved SBA lender. This way, you can borrow anywhere between $20,000 and $5 million for as long as a 10-year term. The SBA’s 7(a) loan program is attractive to many small business owners for its below-market interest rate. If you apply through Funding Circle’s network of lending partners, you’ll see that the interest rate is currently set at Prime + 2.75% (currently 6%). 1 Payments are made monthly and you won’t face any fees for early repayment. Your business should have an operating history of at least three years to qualify. Use the proceeds for working capital, refinancing debt, making major purchases, and more. Learn more about applying for an SBA 7(a) loan through Funding Circle.

Term Loans

Term loans are one of the most popular types of small business loans. Continue reading “The 7(a) is the SBA’s most widely used loan program”