SBA: 7(a) Small Business Loan
The 7(a) Loan Program, SBA’s primary business loan program, provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements.
7 (a) loans can be used for:
1.) Acquiring, refinancing, or improving real estate and buildings
2.) Short- and long-term working capital
3.) Refinancing current business debt
4.) Purchasing and installation of machinery and equipment, including AI-related
expenses
5.) Purchasing furniture, fixtures, and supplies
6.) Changes of ownership (complete or partial)
7.) Multi-purpose loans, including any of the above
The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. Your lender will help you figure out which type of loan is best suited for your needs. This also includes recommending you for an SBA 7(a) Working Capital Pilot (WCP) loan, if your business qualifies.
SBA: 504 Small Business Loan
The 504 loan program provides long-term, fixed rate financing for major fixed assets that promote business growth and job creation.
504 loans are available through Certified Development Companies (CDCs), SBA’s community-based nonprofit partners who promote economic development within their communities. CDCs are certified and regulated by SBA. The maximum loan amount for a 504 loan is $5.5 million.es long-term, fixed rate financing for major fixed assets that promote business growth and job creation.
SBA: MICRO LOAN
The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.
SBA provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.
Microloans can be used for a variety of purposes that help small businesses expand. Use them when you need less than $50,000 to rebuild, re-open, repair, enhance, or improve your small business.
1.) Working capital
2.) Inventory
3.) Supplies
4.) Furniture
5.) Fixtures
6.) Machinery
7.) Equipment
Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate.
The Urban League of Broward County – Small Business Loan Fund
The Urban League of Broward County provides a low interest small business loan for qualified businesses. This loan ranges from $10,000 – $20,000 and can be used towards working capital, machinery, equipment purchases or technology upgrades.
Qualified applicants include women and minority business owners, low-to-moderate income individuals earning at a or below 80% of median income, Self-employed persons, Businesses with twenty-five (25) or fewer employees.
“Privilege of all kinds are the grave of liberty and justice.“
Johann Gottfried Seume
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