SBA loans in Dallas are available in a few different forms and from a variety of lenders. The great thing about SBA loans, is they are government-backed, but available through private lenders, including specialty lenders, traditional banks, and credit unions. They can range from $25,000 up to $20 million, and can carry terms between 5 years and up to 25 years. Read on to learn more about SBA loans in Dallas.
SBA loans in Dallas are available through several different sources, but all follow the same standard requirements set forth by the federal government. These loan programs are structured to provide capital funding for a number of purposes, so, some are a better fit than others. Here’s a quick overview of the most common types of SBA loans:
- SBA 7(a) loan. This type of loan structure is for general purposes, such as equipment purchases, inventory buys, business acquisition, real estate purchases, and other things, as well. The term of this loan can be up to 25 years, but can also be considerably shorter. The minimum loan amount is $50,000 while being maximum tops out at $5 million.
- SBA CDC/504 loan. This commercial debt instrument is intended for Real estate acquisition, as well as commercial equipment purchases. It too can have a term of as long as 25 years, or a shorter-term. This type of loan has a minimum amount of $125,000, but can go up to, and exceed $20 million.
- SBA microloan. The microloan is intended for either newly established businesses, or startups, and can range in amounts up to $50,000.