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Benefits and Advantages
How SBA loans benefit small businesses.
Enhanced Credit Access
Because the US government partially backs SBA loans, lenders can expand the necessary credit requirements and make loans available to individuals who might not qualify for private, commercial loans.
Favorable Repayment Terms
SBA loans offer more flexible payment schedules than private loans, extending repayment schedules up to 25 years. Also, there is no prepayment penalty for loans less than 15 years.
Lower Down Payments
SBA loans typically require lower down payments.
Competitive Rates
SBA rules define the rates lenders like us can charge, making SBA loan rates among the most competitive.
SBA 7(a) Loans
For What Types of Businesses?
The SBA 7(a) program is a good alternative for business borrowers that don’t meet conventional commercial lending standards. It is ideal for service-based businesses that don’t have fixed assets, have less collateral, and want lower down payments than conventional loans.
Law firms
E-commerce stores
Dental practices
Health care businesses
and more!
Assisted living facilities
A few benefits of the SBA 7(a) program:
- Up to $5 million in funding through the Small Business Administration
- Loan terms: 10-25 years before fully amortizing
- Personalized service by a FinWise Bank advisor to guide you through the SBA’s many rules and regulations after you’ve qualified through them
- Average loan size funded through FinWise Bank was $1.4 million in 2021
(source: SBA Lender Report 1)
Why Businesses Rely On FinWise Bank
SBA 7(a) funds helped our customers with
Working Capital for Business ExpansionMost Popular
$ 99
Per MonthIn our opinion, people are a company’s most valuable asset. Adding new talent isn’t just about increasing the number of people in a business. Adding people adds new ideas allowing businesses to accomplish what they never thought possible.
Business AcquisitionsMost Popular
$ 99
Per MonthTaking on new or existing business relations can get pricey. FinWise Bank has financially helped businesses make a smooth transition to change.
Inventory FundingMost Popular
$ 99
Per MonthBusinesses such as e-commerce stores have grown their stores by purchasing inventory.
Equipment FinancingMost Popular
$ 99
Per MonthFrom medical equipment to office furniture – we have financed the equipment that has helped our customers meet their needs.
Owner-Occupied Commercial Real EstateMost Popular
$ 99
Per MonthCustomers got the space they needed to run their businesses effectively through funding to purchase or refinance owner-occupied commercial real estate.
Business Partner Buyouts
$ 99
Per MonthWhen your business partner wants to retire or part ways, FinWise Bank has financially helped business owners make a smooth transition to change.
What Next?
If an SBA 7(a) loan sounds ideal for your business, consider talking to your CPA, Realtor, or Professional Association for tailored advice and industry-specific information about the type of loans available for your unique situation.
To learn more about SBA loans, visit the SBA Learning Center or the US Chamber of Commerce’s CO website for Small and Growing Businesses.
Frequently Asked Questions
Our experts answer your questions.
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Who is authorized to make credit decisions?
Credit decisions are made by the SBA or qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
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What kind of collateral is needed?
Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation) and must take available equity in the personal real estate (residential and investment) of the principals as collateral.
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Which forms do I need?
SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required).
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What is the SBA turnaround time?
5-10 business days.
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How long are revolving lines of credit?
Up to 10 years (Permitted only under CAPLines submission.)
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Tell me about the eligibility decision.
Credit decisions are made by the SBA or qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
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What kind of interest rate can I expect?
Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum.
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What is the maximum SBA guarantee percentage?
85% for loans up to $150,000 and 75% for loans greater than $150,000.
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What is the maximum lifetime loan amount?
$5 million
No questions matching current filter
Source: 1 – SBA Lender Report https://careports.sba.gov/views/7a504LenderReport/LenderReport
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