PUBLIC SOURCES OF FINANCING – FEDERAL PROGRAMS
U.S. SMALL BUSINESS ADMINISTRATION (SBA) The U.S. Small Business Administration (SBA) helps people start, build, and grow businesses. SBA was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, preserve free competitive enterprise and maintain and strengthen the overall economy of our nation. SBA Minnesota District Office 330 2 nd Ave. S. #430 Minneapolis, MN 55403 612-370-2324 | Minnesota@sba.gov Loans SBA works with lenders to provide loans to small businesses. The agency doesn’t lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions. SBA reduces risk for lenders and makes it easier for them to access capital. That makes it easier for small businesses to get loans.
Find Lenders - Lender Match Get matched to potential lenders offering SBA-backed funding. Minnesota SBA Lender List
Loan Programs
7(a) Loans The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for: • Short and long-term working capital • Refinance current business debt • Purchase furniture, fixtures, and supplies The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. Your lender will help you figure out which type of loan is best suited for your needs.
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