There are two main subcategories of SBA 7(a) loans:
- SBA Express Loans: This variety of SBA 7(a) loan typically includes a quicker loan approval time, it is capped at $350,000. There’s also the choice for veterans to waive the guaranty charge which will be typically 3% of loans over $150,000. SBA guarantees no more than 50% on SBA Express loans, making them less appealing to loan providers.
- SBA 7(a) Community Advantage Loans: These loans are created to assist organizations in underserved areas. This kind of loan is good for a debtor that fits the SBA eligibility demands but might have low revenue, low collateral, or may well not fulfill various other requirement. There are two main subcategories of SBA 7(a) loans: 더보기