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July 5, 2023

Resources for Small Businesses

Resources for Small Businesses
Resources for Small Businesses

Are you a small business owner looking for funding? The U.S. Small Business Administration (SBA) offers loans and grants to help you grow your business and succeed. SBA provides resources to help you start and expand your business.

Small Business Administration Loans

The SBA helps small businesses get funding by setting loan guidelines and reducing risk. The following SBA loans make it easier for small businesses to get funding. To explore more, visit the SBA Loans page.

7(a) Loans:

The 7(a) Loan Program is SBA’s most common loan program. It includes financial help for small businesses that are eligible. This a great loan option when real estate is part of a business purchase, but it can also be for:   

  • Short and long-term working capital   
  • Refinancing current business debt   
  • Purchasing furniture, fixtures, and supplies

The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on the business type, credit history, size, and location.

For more information on eligibility, loan usage, and application steps visit SBA’s 7(a) Loan page.

504 Loans:

The 504 Loan Program provides long-term financing for economic development. This program offers fixed rate financing for assets like equipment or real estate that promote growth and job creation.

To be eligible for a 504 loan, your business must:

  • Operate as a for-profit company in the U.S.
  • Have a net worth less than $15 million
  • Have an average net income of less than $5 million after federal income taxes for the two years before your application

The maximum loan amount for a 504 loan is $5 million. Check out SBA’s 504 Loans page for more information on loan usage, terms, and how to apply.

SBA Disaster Assistance

Hit with an unexpected disaster? SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Below are two disaster loans to help your business get back on its feet:

Economic Injury Disaster Loans (EIDL):

The Economic Injury Disaster Loan offers help for the repair and rebuilding of private sector disaster losses. Businesses must be located in a declared disaster area and have suffered significant economic injury.

  • The loan amount will be based on actual economic injury and financial needs.
  • A business may qualify for an EIDL and a physical disaster loan.
  • The maximum combined loan amount is $2 million. A separate SBA Disaster Assistance program known as business physical disaster loans covers property damage.

You can learn more about loan terms and uses on SBA’S EIDL Program page.

Mitigation Assistance:

SBA offers low-interest disaster loans to homeowners and small businesses impacted by declared natural and other disasters.   

  • Eligible SBA disaster loan borrowers may choose to receive expanded funding to help mitigate their home or business against future disasters.   
  • SBA disaster loans can increase up to 20% to make building upgrades.

For more on terms and uses, visit SBA’s Mitigation Assistance page. Browse our Loans category to find more resources based on your needs.

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