What are the different types of SBA loans?
An example of an AI chatbot conversation about SBA loan types and their features.
What are the different types of SBA loans?
There are several types of SBA loans, including 7(a) loans, CDC/504 loans, and microloans. Would you like details on a specific type?
Can you explain the 7(a) loan?
The 7(a) loan is the most common SBA loan, used for various purposes like working capital, equipment purchase, and real estate. It offers flexible terms.
What about CDC/504 loans?
CDC/504 loans are designed for purchasing fixed assets like real estate or equipment. They typically have lower down payments and longer terms.
Are there any specific eligibility requirements?
Yes, eligibility varies by loan type, but generally, you need to be a for-profit business, meet size standards, and demonstrate the ability to repay.
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