U.S Small Business Administration commonly known as SBA offers several types of SBA Bank Loans at concessionary terms and conditions for small businesses for starting and expanding a business.
The most common types of SBA loans include the following:
Basic 7 (a) Loan Program
7 (a) loans are available for eligible borrowers for starting, acquiring and expanding a small business. This type of loan is the most basic and the most used within SBA’s business loan programs. Borrowers must apply through a participating lender institution.
Certified Development Company (CDC) 504 Loan Program
This type provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
Both these SBA loan programs often require the applicant to submit a business plan in the application process. We have created hundreds of successful SBA Loan Business Plans.