Standard SBA 7(a) loans are still available for businesses who may not meet the eligibility requirements for the disaster relief loan programs. These popular loans are frequently used for basic work capital purposes, can go up to $5 Million and they come with fixed rates and low interest rates. So they are still a great option for some businesses
How do I Qualify for an SBA 7(a) Standard Loan?
Where is your business located?
You must have a U.S.-based, for profit business
What is your credit score?
You must have a personal credit score of at least 680
How long have you been in business?
Your business needs to have been operating for at least 2 years and have established business credit
Are you profitable?
You must be able to show profitability
What questions have other small business owners been asking?
What are the rates and terms of the 7(a)Standard Loan?
With this program, rates will fall between Prime + 2.7% to 3.7% and terms can go out as far as 25 years.
The current Prime rate is 3.25%
Does the 7(a) Standard Program Offer Loan Forgiveness?
No, SBA Standard 7(a) loans are not currently eligible for loan forgiveness. Only the 7(a) Relief loans are eligible for forgiveness at this time.
Can I combine the SBA 7(a) Standard Loan with other SBA Loans?
You cannot attain a NEW Standard SBA 7(a) if you have an existing 7(a) CARES Relief Loan. But you can combine an existing SBA 7(a) standard loan with a 7(b) EIDL.
How can Kapitus help?
We help small business owners, like you, find funding fast.
Identify and Assemble Documents
The SBA requires
Business financials for the past 90 days (balance sheet)
Debt schedule or purchase contract
Past 2 years of business tax returns
Past 2 years of personal tax returns
Our team will help you organize everything needed to apply for an SBA loan.
Our network of SBA lenders
We will submit your application to our network of SBA lenders.
Weighing your options
We have your back. Our company is built around helping small business owners get the best lending options for their situations.
Get you capital
We walk you through every step of the process so your path to funding is quick and easy.
Interested in applying?
As soon as applications are avaliable we can let you know.