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Last updated on Jun 15, 2023
4 min read

Small Business Loans: A Comparison of SBA 7(a), SBA 504, and SBA Express

Compare the SBA 7(a), SBA 504, and SBA Express programs to help you decide which one is best for your small business.

In this article:
  1. Current SBA Loan Terms Overview
  2. SBA 7(a) Loan Program
  3. SBA 504 Loan Program
  4. SBA Express Loan Program
  5. Which Loan Program Is Right for You?
  6. Comaprison Table
  7. SBA Loan Monthly Payment esitmator
  8. Conclusion
  9. Related Questions
  10. Get Financing
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As a small business owner, you have many options when it comes to securing financing. Two popular programs offered by the Small Business Administration (SBA) are the 7(a) and 504 loan programs. You may also be familiar with the SBA Express program. So, which one is right for you?

In this article, we'll compare the SBA 7(a), SBA 504, and SBA Express programs to help you decide which one is best for your small business.

Current SBA Loan Terms Overview

SBA 7(a) Loan Program

The SBA 7(a) loan program is the most popular SBA loan program. It offers financing for a variety of purposes, including working capital, inventory, and equipment. Loan amounts can range from $5,000 to $5 million, and terms can be up to 25 years.

One of the biggest advantages of the SBA 7(a) loan program is that it offers flexible terms. This means that you can tailor your loan to fit your specific needs. For example, if you need a large loan for long-term financing, you can structure your loan accordingly.

Another advantage of the SBA 7(a) loan program is that it offers competitive interest rates. Interest rates are typically lower than those offered by traditional lenders, such as banks.

SBA 504 Loan Program

The SBA 504 loan program is designed for the purchase of fixed assets, such as real estate or equipment. Loan amounts can range from $125,000 to $20 million, and terms can be up to 20 years.

One of the advantages of the SBA 504 loan program is that it offers low down payments. Down payments can be as low as 10% of the purchase price of the asset.

Another advantage of the SBA 504 loan program is that it offers fixed interest rates. This means that your interest rate will not change over the life of the loan.

SBA Express Loan Program

The SBA Express loan program is designed for small businesses that need financing quickly. Loan amounts can range from $5,000 to $500,000, and terms can be up to seven years.

One of the advantages of the SBA Express loan program is that it offers quick approval. You can typically get approved for a loan within 36 hours.

Another advantage of the SBA Express loan program is that it offers flexible terms. This means that you can tailor your loan to fit your specific needs.

Which Loan Program Is Right for You?

Now that you know more about the SBA 7(a), SBA 504, and SBA Express loan programs, you may be wondering which one is right for you. The answer depends on your specific needs.

  • SBA 7(a) loan – If you need financing for working capital, inventory, or equipment.
  • SBA 504 loan – ⁠If you need financing for the purchase of a fixed asset, such as real estate or equipment.
  • SBA Express loan – when you need financing quickly
  • No matter which loan program you choose, the SBA can help you get the financing you need to grow your small business.

    Comaprison Table

    Loan Program

    Purpose

    Loan Amount

    Term

    Interest Rate

    SBA 7(a)

    Working capital, inventory, equipment

    $5,000 - $5 million

    Up to 25 years

    Competitive

    SBA 504

    Purchase of fixed assets

    $125,000 - $20 million

    Up to 20 years

    Fixed

    SBA Express

    Quick financing

    $5,000 - $500,000

    Up to 7 years

    Flexible

    SBA Loan Monthly Payment esitmator

    Afraid you can't afford the monthly payments on an SBA loan? Use our payment estimator to find out what your monthly payments might look like.

    Conclusion

    The SBA 7(a), SBA 504, and SBA Express loan programs are all great options for small businesses. The right loan program for you depends on your specific needs. No matter which loan program you choose, the SBA can help you get the financing you need to grow your small business. 

    If you need help deciding which loan program is right for you, just fill out the form below and one of our loan experts will be in touch.

    Related Questions

    What are the main differences between SBA 7(a), SBA 504, and SBA Express loans?

    The main difference between SBA 7(a), SBA 504, and SBA Express loans is their purpose. SBA 7(a) loans are for working capital, inventory, and equipment. SBA 504 loans are for the purchase of fixed assets. SBA Express loans are for quick financing.

    What are the interest rates for SBA 7(a), SBA 504, and SBA Express loans?

    The interest rates for SBA 7(a), SBA 504, and SBA Express loans are all competitive. SBA 7(a) loans typically have lower interest rates than traditional bank loans. SBA 504 loans have fixed interest rates. SBA Express loans have flexible interest rates.
    In this article:
    1. Current SBA Loan Terms Overview
    2. SBA 7(a) Loan Program
    3. SBA 504 Loan Program
    4. SBA Express Loan Program
    5. Which Loan Program Is Right for You?
    6. Comaprison Table
    7. SBA Loan Monthly Payment esitmator
    8. Conclusion
    9. Related Questions
    10. Get Financing

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SBA Express Loans is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

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