SBA 7a Loan
SBA 7a Loan
We have several loan programs to fit almost any business need – but don’t worry about figuring out which program you need, we will do that for you. Learn more below about what makes Dakota Business Lending a great choice as a small business financing partner for lenders and borrowers.
SBA 7a Community Advantage – Financing for Start-ups and Underserved Communities
Why choose an SBA 7a Community Advantage: The Community Advantage program is designed to provide a financing option for small business start‐ups in underserved communities. The SBA provides a 75 – 85% guarantee, providing participating lenders with more confidence in offering financing to riskier start‐up businesses. Community Advantage can be used to complement other loan programs.
Loan amounts: Up to $350,000
Down payment: Minimum 10%
Eligible projects:
- Working capital
- Equipment
- Inventory
- Real Estate – purchase, renovation, leasehold improvements
- Business acquisition
- Debt refinancing*
Collateral and security: All loans should be secured by the available assets of the borrower and its principals to the extent necessary to protect the interests of the lender.
- Retail, service and agriculture: Annual sales not to exceed range of $750,000 to $33.5 million
- Wholesale and manufacturing: Number of employees not to exceed range of 100 to 1,000
Terms: - Up to 10 years – Working capital/equipment
- Up to 25 years – Real Estate
- Varies – Debt Refinance
Rate: Variable, Maximum = Prime + 6%
Other Questions?
Contact us to discuss project feasibility and details of this and other loan programs.
DOWNLOAD OUR FORMS
Download our 7a Application & Application Checklist below, or better yet! Contact a loan officer in your area to jumpstart the process and have your application prefilled.
