What is a 7(a) loan and how do I apply?

7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures, and supplies. In the program, banks share a portion of the risk of the loan with the Small Business Administration (SBA). There are many different types of 7(a) loans, you can visit the SBA website to find the one that’s best for you. You apply for a 7(a) loan with a bank or a mission-based lender. SBA has a free referral service tool called Lender Match to help find a lender near you.

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1. Which Small Business Administration (SBA) loans are eligible for debt relief under this program?
2. How does debt relief under this program work with a Paycheck Protection Program (PPP) loan?
3. How do I know if I’m eligible for a 7(a), 504, or microloan?
4. What is a 7(a) loan and how do I apply?
5. What is a 504 loan and how do I apply?
6. What is a microloan and how do I apply?
7. I am unfamiliar with SBA loans, can anyone help me apply?