Looking for the right SBA loan to finance your small business? Learn more about the general purpose SBA 7(a) loan!
The SBA 7(a) loan program, once considered the loan product of last resort, has become a much more popular vehicle for funding small business credit needs and for fueling the job growth so desperately needed in our economy at this time.
The 7(a) loan program from the United States Small Business Administration is the most common type of SBA loan, and provides financial assistance for small businesses with special requirements. Commonly referred to as a “general purpose small business loan”, SBA 7(a) loans may be used for any legitimate small business expenditure, including but not limited to the following activities:
- Business real estate purchase
- Business real estate new construction, remodeling, or expansion
- Business acquisition
- Partner buyout
- Business equipment acquisition
- Refinancing and debt consolidation
- Business expansion and working capital