Small Business Administration Loans

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$10,000 - 10,000,000

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7a Loans

This is the SBA’s primary program for providing long-term financing for a variety of purposes.

504 Loans

A secondary program which has typically longer-term, fixed-rate financing options available.

Microloans

Loans of $50,000 or less to help businesses and certain non-profit childcare centers.

SBA Qualified Businesses may unlock Incredible Growth Opportunities

When it comes to financing your business, SBA loans stand out as one of the most reliable and flexible options available. Backed by the U.S. Small Business Administration (SBA), these loans are designed to help small businesses thrive by providing access to affordable funding with favorable terms.

Whether you’re looking to start a new venture, expand an existing one, or simply manage cash flow, SBA loans can be the key to unlocking your business’s full potential.

SBA loans are not directly issued by the SBA but are offered through participating lenders, such as banks and credit unions. The SBA guarantees a portion of the loan, reducing the risk for lenders and making it easier for small businesses to qualify. This guarantee allows lenders to offer competitive interest rates, longer repayment terms, and lower down payments compared to traditional business loans.

Decide which SBA loan Option is best Suited for your Business, Complete our Online Application, then Speak with an Expert Instantly!

Comparing SBA 7(a) vs. 504 for Small Business Owners

NexGen Lending can help you decide on the best loan options for your business, but having a basic understanding before you start can help. Also, the SBA allows you to take out multiple loans for your business operation since a single loan might not be enough to meet your financing needs, so it’s helpful to familiarize yourself with the different types.

Here are some key differences between SBA 504 loans and SBA 7(a) loans.

SBA 504 Loan SBA 7(a) Loan
Loan Purpose Existing buildings or land, New Facilities, Machinery, Equipment, Improvements to land and existing facilities. Real Estate, Working Capital, Business Debt, Furniture, Fixtures and Supplies.
Maximum Loan Amount Up to $5.5 million Up to $5 million
Repayment Term 10, 20 or 25 year terms Up to 25 years for real estate or up to 10 years for equipment, working capital or inventory loan
Down Payment Typically 10% 10% to 30%
Interest Rate Fixed Rate Fixed and variable rate
Eligibility Factors Business net worth, net income and for-profit status Income source, credit history and location
Fees Around 3% Varies

SBA 504 loans are best if you:

  • Need business financing to purchase, renovate or improve commercial real estate, buildings or equipment.
  • Have a business that creates jobs, retains jobs or has a public policy focus.
  • Are comfortable with a slower loan application process.
  • Prefer a fixed interest rate.
  • Are willing to use the asset being financed as collateral.

SBA 7a loans are best if you:

  • Need to finance inventory or supplies, or to address cash flow gaps.
  • Want to buy real estate or equipment without meeting the job creation or public policy goals required by an SBA 504 loan.
  • Prefer a quicker loan processing time.
  • Want the option of a variable interest rate.

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