7(a) Loan Guarantee
Qualifications: The eligibility requirements are designed to be as broad as possible in order that this lending program can accommodate the most diverse variety of small business financing needs. All businesses that are considered for financing under SBA’s 7(a) loan program must: meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment. Must be located in the U.S. or its territories or possessions. For more information on SBA 7(a) loan guarantees, click here.
Maximum loan amount: $2 million
504 Certified Development Company Loans
Qualifications: Business net worth of $6 million or less; AND average net profit for two consecutive years not to exceed $2 million after taxes; AND 7(a) qualifications. Loans cannot be made to businesses engaged in speculation or investment in rental retail estate. For more information on 504 CDC loans, click here.
Maximum loan amount: $1.5 million for meeting job creation criteria or $2 million when meeting public policy goal.
Micro Loans
Qualifications: these are small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially-designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers.
Maximum loan amount: $50,000, but the average microloan is about $13,000.
For more information on these or other loan programs, please contact:
Brian McClain, Director
Angelina College Small Business Development Center
(936) 633-5400
email: bmcclain@angelina.edu
