The SBA 7(a) loan program is the most common SBA loan program. The maximum loan amount is $5 million. The SBA does not set a minimum loan amount. A 7(a) loan can be used for most typical business purposes, but may not be used for refinancing existing debt, to buy out a partner, to reimburse funds invested by a business owner, to repay delinquent state or federal withholding taxes, or any other purpose not consistent with sound business practices.
Most Popular Posts
Not sure about a term or phrase? View our glossary of commonly used financial words on BusinessLoans.com.View Definitions