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What are the different types of SBA loans?

An example of an AI chatbot conversation about SBA loan types and their features.

😀
You

What are the different types of SBA loans?

MagicBuddy
MagicBuddy

There are several types of SBA loans, including 7(a) loans, CDC/504 loans, and microloans. Would you like details on a specific type?

😀
You

Can you explain the 7(a) loan?

MagicBuddy
MagicBuddy

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.

😀
You

What about CDC/504 loans?

MagicBuddy
MagicBuddy

CDC/504 loans are designed for purchasing fixed assets like real estate or equipment. They typically have lower down payments and longer terms.

😀
You

Are there any specific eligibility requirements?

MagicBuddy
MagicBuddy

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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