SBA 7(a) Refinancing Loan Overview
Average Loan Amount
$300K - $5M
&
Loan Term?
10 - 25 Years
How Does SBA Refinancing 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 SBA Refinancing
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
Here's what other business owners are saying...
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.
Improved Cash Flow
Lower monthly payments free up working capital.
Here’s what other business owners are saying...
Our clients say Excellent
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