Secure SBA 7(a) & EIDL Funding for Your Business
Get the funding you need to start, grow, or rebuild your business with flexible loan solutions tailored for small businesses—powered by the support and guidance of Hopewell Financial.”
$5M+
Maximum 7(a) Loan Amount
$2M
Maximum EIDL Amount
25 Years
Maximum Loan Term
85%
Maximum Guarantee
Frequently Asked Questions
Explore the different SBA loan programs available to help your business thrive.
SBA 7(a) Loan Program
The SBA’s primary and most flexible loan program
- Loans up to $5 million for most business purposes
- Working capital, equipment, real estate, and more
- Competitive interest rates with longer terms
- 85% guarantee for loans up to $150,000
- 5% guarantee for loans over $150,000
Economic Injury Disaster Loan (EIDL)
Financial assistance for businesses affected by disasters
- Loans up to $2 million for economic injury
- Low fixed interest rates (3.75% for businesses)
- Long-term repayment options up to 30 years
- No prepayment penalties or fees
- Funds can be used for working capital and normal expenses
Do You Qualify for SBA Funding?
Review the general eligibility requirements for SBA loan programs.
How to Apply for SBA Loans
We guide you through every step of the application process.
Initial Consultation
Meet with our loan specialists to discuss your business needs and determine which SBA loan program is right for you.
Document Preparation
We'll help you gather all necessary documentation, including business plans, financial statements, and tax returns.
Application Submission
Our team will review your application package and submit it to the appropriate SBA lender or directly to the SBA.
Underwriting & Approval
The lender or SBA reviews your application, conducts underwriting, and makes a decision on your loan request.
Closing & Funding
Once approved, we'll guide you through the closing process and help you access your funds quickly.
Frequently Asked Questions
Get answers to common questions about SBA loans.
What's the difference between SBA 7(a) and EIDL loans?
SBA 7(a) loans are general-purpose business loans for a variety of needs, while Economic Injury Disaster Loans (EIDL) are specifically for businesses that have suffered economic injury due to a declared disaster. 7(a) loans are processed through approved lenders, while EIDL applications go directly through the SBA.
How long does it take to get approved for an SBA loan?
The timeline varies by program and lender. For SBA 7(a) loans, the process typically takes 60-90 days from application to funding. EIDL applications can take 2-3 weeks for approval, with funding following shortly after. Working with an experienced SBA loan specialist can help expedite the process.
What documents do I need to apply?
Common requirements include business and personal tax returns (3 years), business financial statements, business plan, personal financial statement, business debt schedule, and collateral documentation. Additional documents may be required based on your specific situation and loan type.
Do I need collateral for an SBA loan?
SBA loans typically require collateral, but the SBA won’t decline a loan solely for lack of collateral if all other factors demonstrate repayment ability. For 7(a) loans under $25,000, no collateral is required. EIDL loans over $25,000 require collateral, while those under $25,000 don’t.
What are the current interest rates for SBA loans?
SBA 7(a) loan rates are based on the prime rate plus a margin, typically ranging from Prime + 2.25% to Prime + 4.75%, depending on loan amount and term. EIDL rates are fixed at 3.75% for businesses and 2.75% for nonprofits. Our team can provide current rates based on your specific situation.
Can I use an SBA loan to buy an existing business?
Yes, SBA 7(a) loans can be used for business acquisitions. The SBA typically requires a minimum 10% down payment, and the business must meet eligibility requirements. The loan can cover the purchase price, working capital, and even renovations or equipment upgrades.