The SBA 7(a) loan program is one of the most popular small business loan options in the United States. In 2019 alone, the SBA issued more than $27 billion of loans through the 7(a) program. While these loans can be utilized for a variety of purposes, one of the most popular uses for the 7(a) loan program is working capital.
In 2019, the SBA issued more than $27 billion of small business loans through its’ 7(a) loan program. While most SBA borrowers hope to use their loan to provide working capital for their business (such as day-to-day expenses like marketing and employee salaries) some borrowers intend to use their loan to purchase an existing business.
SBA Connect is an online interface that allows SBA borrowers and other users to connect to various SBA tools and resources via a single sign-on (SSO) capability.
According to the SBA, an eligible passive company (EPC) is a firm that leases real estate or other property to an operating company (OC) for its' use. In general, the SBA does not approve loans for passive companies that own real estate or other assets, however, eligible passive companies are an exception to that rule, provided that they use the proceeds of an SBA loan to "acquire or lease, and/or improve or renovate, real or personal property (including eligible refinancing)."
SBA Form 3502, or "Economic Injury Disaster Loan Supporting Information" is one of the most important documents for small business borrowers who wish to apply for the SBA's EIDL Loan Program. For those unaware, the SBA EIDL Loan Program is intended to help businesses impacted by a state or federally-declared disaster, such as the COVID-19 pandemic, which is currently a federal disaster in all 50 states and all United States territories.
The SBA 7(a) loan program is one of the most popular small business loan options in the United States. In 2019 alone, the SBA issued more than $27 billion of loans through the 7(a) program. While these loans can be utilized for a variety of purposes, one of the most popular uses for the 7(a) loan program is working capital.
In 2019, the SBA issued more than $27 billion of small business loans through its’ 7(a) loan program. While most SBA borrowers hope to use their loan to provide working capital for their business (such as day-to-day expenses like marketing and employee salaries) some borrowers intend to use their loan to purchase an existing business.
SBA Connect is an online interface that allows SBA borrowers and other users to connect to various SBA tools and resources via a single sign-on (SSO) capability.
According to the SBA, an eligible passive company (EPC) is a firm that leases real estate or other property to an operating company (OC) for its' use. In general, the SBA does not approve loans for passive companies that own real estate or other assets, however, eligible passive companies are an exception to that rule, provided that they use the proceeds of an SBA loan to "acquire or lease, and/or improve or renovate, real or personal property (including eligible refinancing)."
SBA Form 3502, or "Economic Injury Disaster Loan Supporting Information" is one of the most important documents for small business borrowers who wish to apply for the SBA's EIDL Loan Program. For those unaware, the SBA EIDL Loan Program is intended to help businesses impacted by a state or federally-declared disaster, such as the COVID-19 pandemic, which is currently a federal disaster in all 50 states and all United States territories.
The SBA created the EIDL (Economic Injury Disaster Loan) program to help American small business owners facing a loss of revenue due to a state or federally-declared economic disaster. In 2020, the EIDL Program was greatly expanded due to the COVID-19 related lockdowns and the ensuing economic disaster for businesses around the United States. In this article, we’ll review what the EIDL program is, who qualifies, and what potential small businesses should understand about these loans.
The SBA 7(a) loan program provided small businesses more than $23 billion in funding in 2019 alone, making it the world’s largest capital source for small businesses. SBA Express Loans are a specific type of SBA 7(a) loan that often allows borrowers and lenders to close faster than they would with the traditional 7(a) program. Of the $23 billion in 7(a) loans provided in 2019, lenders issued $1.74 billion small business debt through the SBA Express Loan program, serving almost 23,000 borrowers around the U.S.
If you’ve worked for a startup, you know that getting (and keeping) a steady flow of financing is often of the most challenging parts of the operation. Fortunately, the U.S. Small Business Administration (SBA) operates the world’s largest small business lending program, the SBA 7(a) loan program, which, in 2019, guaranteed a record $23+ billion of small business loans, with an average loan size of over $110,000.
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