What is the most common type of SBA loan?

Post Updated:

By far, the most popular type of SBA loan is the SBA 7(a) program, which allows for the widest variety of loan uses and has the most flexible underwriting guidelines. The SBA 7(a) program accounts for more than 60,000 small business loans each year and is the SBA’s flagship loan product. It provides loans to qualified small and medium-sized businesses in amounts of up to $5 million. It can be used towards a wide range of business purposes, such as commercial real estate purchases and refinancing, buying a business, renovations, purchasing new or used equipment, expanding a business and refinancing existing debt.