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Financing

Quick Reference Chart - SBA Loan Guaranty Programs
 
Grants

The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. See our Grants page for more information.

 

SBA/EPA SmartWay Transport Loan Initiative

This partnership between SBA and the Environmental Protection Agency was developed under the EPA’s SmartWay Transport Program to make commercial loans available to qualified truckers and trucking firms. The loans are funded with the cooperation of commercial lenders using the SBA’s loan guaranty program.  EPA’s SmartWaySM Transport Program is an innovative public private partnership designed to improve the environmental performance of the freight delivery system in the United States through money saving, market-based approaches.  The primary goal is to accelerate the deployment of cleaner, more fuel efficient transportation vehicles and technologies to improve energy security and air quality, and promote economic growth in the transportation industry. 


The CommunityExpress Loan Program is a pilot SBA loan program that was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its member organizations. Under the pilot, which is available to selected lenders, an SBAExpress like program will be offered to pre-designated geographic areas serving mostly Low and Moderate Income areas and New Markets small businesses. The program will also include technical and management assistance, which is designed to help increase the loan applicant's chances of success.

Preferred, SBAExpress, Patriot Express, Community Express & Veteran Incentive Lenders 

The most active and expert lenders qualify for the SBA's streamlined lending programs. Under these programs, lenders are delegated partial or full authority to approve loans, which results in faster service from SBA.

Certified lenders are those who have been heavily involved in regular SBA loan-guaranty processing and have met certain other criteria. They receive a partial delegation of authority and are given a three-day turnaround by the SBA on their applications (they may also use regular SBA loan processing). Certified lenders account for nearly a third of all SBA business loan guaranties.

Preferred lenders are chosen from among the SBA's best lenders and enjoy full delegation of lending authority in exchange for a lower rate of guaranty. This lending authority must be renewed at least every two years, and the lender's portfolio is examined by the SBA periodically. Preferred loans account for more than 10 percent of SBA loans.

SBAExpress

  • Makes it faster and easier for lenders to provide SBA guaranteed small business loans.
  • Allows most lenders to use SBA's more efficient and streamlined loan review processes.
  • Includes fewer SBA forms and procedures. Offers special lender incentives to provide very small SBA loans, especially revolving lines of credit.
  • Loans processed centrally with usually 36 hour SBA response.

 

Patriot Express

The new Patriot Express loan is offered by SBA’s network of participating lenders nationwide and features our fastest turnaround time for loan approvals.  Loans are available up to $500,000 and qualify for SBA’s maximum guaranty of up to 85 percent for loans of $150,000 or less and up to 75 percent for loans over $150,000 up to $500,000.  For loans above $350,000, lenders are required to take all available collateral. 
  

The Patriot Express loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.  Patriot Express loans feature SBA’s lowest interest rates for business loans, generally 2.25 percent to 4.75 percent over prime depending upon the size and maturity of the loan.  For a list of Virginia Patriot Express lenders, visit http://www.sba.gov/localresources/district/va/VA_VAPLPCLP.html. 

 

SBA Participating 7(a) Lenders for Richmond, Virginia District Office 

 7(a) loans are the most basic type of loan of SBA's business loan programs. Its name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses. All 7(a) loans are provided by lenders who are called participants because they participate with SBA in the 7(a) program. Not all lenders choose to participate, but most American banks do. There are also some non-bank lenders who participate with SBA in the 7(a) program which expands the availability of lenders making loans under SBA guidelines.

The Surety Bond Guarantee Program  

This provides small and minority contractors and qualified HUB-Zone contractors with contracting opportunities for which they could not otherwise compete. By law, prime contractors to the federal government must post surety bonds on federal construction projects valued at $100,000 or more. Many state, county municipal and private-sector contracts also require bonding, but small and minority businesses may not be able to obtain bonds through regular commercial channels. Through this program, the U.S. Small Businesses Administration can guarantee bid, performance and payment bonds for contracts up to $2.0 million for eligible small contractors.

Larger working capital loans for Exporters available via Export-Import Bank/SBA Co-Guarantee Agreement.

The 504 Certified Development Company (CDC) Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community or region. CDCs work with the SBA and private-sector lenders to provide financing to small businesses.  A 504 Loan economic impact study shows its significant contributions to the nation's business development, job growth and tax base.

The MicroLoan Program was developed to increase the availability of very small loans to prospective small business borrowers. Under this program, the SBA makes funds available to nonprofit intermediaries, who in turn make loans to eligible borrowers. Completed applications can usually be processed by the intermediary in less than one week.

 

New Markets Tax Credit Pilot Loan Program - The New Markets Tax Credit (NMTC) Pilot Loan Program was launched to increase lending to small businesses located in economically distressed communities or “New Markets.”

The Small Business Investment Company (SBIC) program exists to supply equity capital, long­term loans and management assistance to qualifying small businesses. SBICs, licensed by the Small Business Administration, are privately organized and privately managed investment firms. They are participants in a vital partnership between government and the private sector economy. With their own capital and with funds borrowed at favorable rates through the Federal Government, SBICs provide venture capital to small independent businesses, both new and already established.

Also see:

Financing Your Business


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