BANK FINANCING

DESCRIPTION:

The 7(a) Loan Guaranty Program is one of SBA's primary lending programs. It provides loans to small businesses unable to secure financing on reasonable terms through normal lending channels. The program operates through private-sector lenders that provide loans that are, in turn, guaranteed by the SBA -- the Agency has no funds for direct lending or grants.

ELIGIBILITY:

Average sales for the business in the preceding 3 years must not have exceeded $5 million, and the business employs no more than 100 people, including affiliates; the business and its owners have good credit; and the business owners are of good character.

PURPOSE:

To simplify the loan application process for small business by requiring less paperwork and quicker SBA response time.

LOAN AMOUNT:

Up to $150,000, with an SBA guarantee of a maximum of 80% for loans up to (and including) $100,000, and 75% for loans over $100,000.

Colorado District Office
Contact: Mr. Charles Brown
Phone: (303) 844-3461 ext. 222
Fax: (303) 844-6539