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SBA 7(a) Refinancing Loan Overview
Average Loan Amount
$300K - $5M
&
Loan Term?
10 - 25 Years
How Does Refinancing with SBA 7(a) Work?
An existing SBA loan at a prime rate of +2.5% or higher can be refinanced into another SBA loan at a lower rate. With SBA refinancing, your business can have lower monthly payments and also access capital for expansion and growth.
The SBA reviews that the original debt was used strictly for business purposes. They must determine if refinancing the debt would provide a meaningful benefit; you have to be current on payments, and the original debt can not have unreasonable payments. If you qualify, the new SBA 7(a) Loan would pay off the existing debt directly.
How to Apply for an SBA loan
STEP 1
Get Pre-qualified
To get pre-qualified for an SBA loan, click the "Apply Now" button and enter general information about your business.
STEP 2
Gather your Documents
Once pre-qualified, you will need to gather your bank statements, profit and loss statements, balance sheet, and any additional paperwork.
STEP 3
SBA Review
The SBA will conduct its own review of the application and will issue a commitment letter outlining the terms of the loan once they have approved your application.
STEP 4
Receive Funding
Once approved and the offer is accepted, the funds will be directly deposited into your bank account, allowing you immediate access to capital
Documentation and Qualifications for SBA Loans
Documentation Needed:
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Application
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3 Months Business Bank Statements
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3 Years Business Tax Returns
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3 Years Personal Tax Returns
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Business Profit & Loss Statements
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Business Balance Sheet
*Additional documentation maybe required
Qualifications:
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$100,000 minimum annual revenue
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3+ years in business
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650+ credit score
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145+ Business Score
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No Bankruptcies, Outstanding Liens or Judgements
Frequently asked questions
Key Features of SBA 7(a) Refinancing
Receive the working capital your business needs to grow and expand.
Obtain Working Capital
Reduced Monthly Payments
Lower monthly payments to improve cash flow
Debt Consolidation
Combines multiple debts on lender offerings into one for easier payments.
Improved Cash Flow
Lower monthly payments free up working capital.
SBA Backed Loans
Since the SBA covers 75% - 90% of the loan amount, it simplifies businesses with limited collateral to secure funding.
Flexible SBA Options
There are SBA options available to optimize your terms and meet your business needs.
Favorable Terms
With extended repayment terms available and competitive low-interest rates, SBA loans stand out as a more beneficial choice compared to other alternative options.
Collateral
The real estate can serve as collateral against the loan, which also helps to lower interest rates giving you the best terms possible.
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Studies About Businesses Like Yours
Our representatives share stories of businesses they've helped secure funding for and discuss the lasting impact on their growth and future.