Get RICHMOND, VA ENEWSLETTER - SBA - Sba

It can be difficult to get an SBA 7(a) loan if you don't have strong annual revenue, a good credit score (690+) and at least two years in business. SBA 7(a) loan requirements vary from lender to lender, but you'll generally need to meet these criteria to qualify.

A Web-based platform where SBA borrowers can view loan details, make payments, and access statements for COVID-19 EIDL, Disaster, or SBA-serviced 7(a) loans.

As with traditional small business loans, borrowers still need to repay SBA loans. If you default on an SBA loan, it can affect your credit score and your future chances at other loans. The lender, though, will be able to ask for the payout from the SBA if the loan goes into default, which makes them less of a risk.

Terms: Loan terms vary ing to the purpose of the loan, generally up to 25 years for real estate or 10 years for other fixed assets and working capital.

Does the SBA forgive loans? The SBA generally doesn't offer 100 percent forgiveness on 7(a) and 504 loans, no matter how dire your finances are. However, for companies that have had to cease operations, the SBA will consider settlements that have been agreed to between a borrower and their loan issuer.

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: Acquiring, refinancing, or improving real estate and buildings. Short- and long-term working capital.

About the SBA.gov website.

SBA Connect is a web-based application designed to provide secure Single Sign On capabilities for SBA users.