SBA 7(a) Loans Explained

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SBA 7(a) Loans Explained
SBA's primary method of assisting small
businesses in the U.S is the 7(a) loan program.
Applying for an SBA 7(a) loan means you work with
a lender and the SBA participates by guaranteeing
a portion of the loan amount. This guarantee from
a government agency helps businesses acquire
funds, when they may otherwise not have qualified
for a business loan.
Types of SBA 7(a) loans
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The SBA loans broker in New Jersey and the SBA
Loans broker in New York lists the different
kinds of 7(a) loans on its website. They are nine
in number and each one of them is designed to
meet different needs. The bottom line is there is
something for everyone. The different types of
loans are Standard 7(a) Most of the small
businesses tend to qualify for this kind of 7(a)
loan. A maximum of 5 million can be borrowed.
The SBA will guarantee 85 of the loan amount up
to 150,000 and 75 of loans greater than
150,000.
7(a) Small Loan
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These have the same features as the Standard 7(a)
loan and these SBA loans lend up to 350,000. SBA
Express This suits businesses that require loans
quickly. The SBA promises to respond to your
application within 36 hours. The maximum loan is
350,000, and the SBA will only guarantee up to
50 of the loan. Export Express This is for
exporters who need quick loans and lines of
credit up to 500,000. The SBA will guarantee up
to 90 of loans under 350,000 and 75 of loans
that exceed that amount. The loan amount will be
granted within 24 hours.
Export Working Capital
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This loan is for businesses that need additional
working capital. These SBA loans are available
through the Export Assistance Center for up to 5
million. International Trade These are long-term
loans offered to businesses that are either
expanding because of export sales or need to
modernize to address the adverse effects of
imports from foreign competition. Veterans
Advantage These low-fee loans are available to
businesses that are at least 51 veteran-owned
and controlled (spouses and widows of veterans
count toward this requirement).
CAPLines
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CAPLine loans follow the general outline of the
Standard 7(a) loan, but rather than a lump-sum
loan, CAPLines extends an ongoing line of
credit. The SBA loans broker in New Jersey
and SBA 7(a) loans broker in New York on average
take five to ten business days, but every case is
unique.
Address 260 Middlesex Turnpike Iselin NJ 08830
Phone Number 848 205 2090 732 904 3600 Email
ID info_at_metrobsf.com Website https//metrobsf.co
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