COVID19 Small Business Access to Capital
In addition to the loans discussed above, the SBA provides a number of other loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, click here. The loan programs offered by SBA include:
The 7(a) program offers loan amounts up to $5 million and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the United States and its territories.
The uses of proceeds include: working capital, expansion/renovation, new construction, purchase of land or buildings, purchase of equipment and fixtures, lease-hold improvements, refinancing debt for compelling reasons, seasonal line of credit, inventory or starting a business.
The Express loan program provides loans up to $350,000 for no more than seven years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.
The Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.
The 504-loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.
The Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery and equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000, with the average loan size of $14,000.