The microloan program of the SBA provides financial and technical assistance to small businesses.

Through this program, loans up to $250,000 are accessible with a 6% (600 bps) rate over a 3yr term.

A federal tax ID is necessary to demonstrate the company's overall financial health.

The typical loan terms range from 6 to 36 months for $5,000 to $50,000.

Huntington National Bank, Live Oak Banking Company, Celtic Bank Corporation, and Wells Fargo Bank are a few lenders for SBA microloans.

The SBA anticipates that the interest rate will stay at same level like 2020 for new microloans.

You can still obtain a microloan from the SBA even if you don't meet the requirements for the highest rate.

With 1,843 loans approved for a total of $600,616,000, Wells Fargo is the 2nd most active SBA lender for 7(a) loans.

SBA 7(a) loans are available from Harvest Small Business Finance for commercial real estate transactions.

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The SBA's 504 and 7(a) programs are both supported by loans from Commonwealth Business Bank.