SBA SBA Loan Programs & Lending Requirements

Question 1

What is the maximum loan amount for a standard SBA 7(a) loan?

Accepted Answer

$5 million

Answer

The SBA 7(a) loan program has a maximum loan amount of $5 million.

Question 2

Which SBA loan program is specifically designed for purchasing real estate and long-term fixed assets?

Accepted Answer

504 Loan

Answer

The SBA 504 Loan is designed for financing major fixed assets such as real estate and equipment.

Question 3

What is the maximum loan amount under the SBA Microloan program?

Accepted Answer

$50,000

Answer

The SBA Microloan program offers loans up to $50,000 to help small businesses start up and expand.

Question 4

What collateral requirement applies to SBA 7(a) loans over $25,000?

Accepted Answer

Lenders must follow their collateral policies and take available assets

Answer

For SBA 7(a) loans over $25,000, lenders are required to follow their collateral policies and take available business and personal assets.

Question 5

Which SBA loan feature allows borrowers to get funds quickly, typically within 36 hours?

Accepted Answer

SBA Express

Answer

The SBA Express loan provides a faster turnaround, with the SBA responding to applications within 36 hours.

(SBA) Small Business Administration Certified Business Practice Test