What is an SBA 7(a) Loan?

May 5, 2021

Guy on phone
Small businesses play a vital role in the United States economy.  As we saw throughout this past year, financial struggles that small businesses face can affect the whole country on a large scale. 

In response to these struggles, The U.S. Small Business Administration (SBA) provides crucial financial support to these small businesses in times of need.

The 7(a) Loan Program is the SBA’s most common and sought-after loan program.  This program provides guidelines and support to lenders, like BayFirst, to secure loans for small business owners quickly.  More specifically, an SBA 7(a) loan is a term loan guaranteed by the SBA. 

BayFirst is a top national SBA lender for loans under $350,000, making us one of the best banks for small businesses.  By partnering with the federal government, SBA loans serve businesses that might not otherwise meet conventional loan requirements.  We are dedicated to helping businesses across the nation grow by offering flexible lending options and customized terms to fit your needs.
 
Why are SBA 7(a) loans the best small business loans?
  • Competitive Terms – SBA guaranteed loans typically have lower interest rates in comparison to non-guaranteed loans.
  • Lower Down Payments – Get the loan you need without worrying about breaking the bank with a hefty down payment.
  • Supports Many Business Initiatives – Continue reading for all the ways you could use an SBA 7(a) loan.
  • Large Loan Amounts – The maximum loan amount is $5 million.
 
What can you do with an SBA 7(a) loan?
  • Debt Refinance
  • Equipment Purchase
  • Working Capital
  • Commercial Real Estate Purchase
  • Ground-up Construction
  • Real Estate Renovation
  • Start-up Business
  • Franchise Financing
  • Business Acquisition
 
Why BayFirst?
As a community bank, our focus is on those around us.  Choosing BayFirst means choosing a dedicated team to personalize your experience throughout the loan process.  We take the stress out of applying for a loan and make it all about you and your business’ success.
  • Over $1 Billion in SBA Loans Produced
  • Streamlined loan processing
  • Preferred SBA Lender
Apply for a Small Business Loan
If you would like to apply for a small business loan, we can help.  Fill out the Get Started form and our CreditBench team will call you to discuss your SBA application options.

 

Equal Housing Lender Better Business Bureau Accredited Business Member FDIC

© 2022 BayFirst National Bank, Member FDIC, Equal Housing Lender
NMLS ID 806183 | NMLS Consumer Access

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

You are now leaving the BayFirst website. By clicking the 'OK' button below, you will enter a different website created, operated and maintained by a private business or organization. BayFirst is not responsible for the content, views, or privacy policies of this website. We take no responsibility for any products or services offered by this website, nor do we endorse or sponsor the information it contains. In addition, websites may change location, ownership and address frequently. BayFirst is not responsible for the accessibility of this link. Would you like to continue?