SBA approved lenders offer various types of loans to meet different business needs. Some common types include:
7(a) Loans: The most common type of SBA loan, which can be used for various business purposes such as working capital, equipment purchase, and real estate acquisition. 504 Loans: Designed for purchasing fixed assets like real estate and equipment, these loans offer long-term, fixed-rate financing. Microloans: Small, short-term loans for startups and small businesses, typically up to $50,000. Disaster Loans: Low-interest loans to help businesses recover from declared disasters.