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FEDERAL
SBA 7(a) Loan Program
Federal loan guarantees for Paterson small business working capital, equipment, acquisition, and expansion.
About this program
The SBA 7(a) Loan Program is the Small Business Administration's primary business loan program, providing federally backed financing through approved lenders for eligible small businesses including those in Paterson.
Eligibility
Eligible for-profit small businesses operating in the United States that meet SBA size standards, use funds for an eligible business purpose, and can meet lender underwriting requirements.
Requirements
- Apply through an SBA-approved lender
- Meet SBA size and eligibility standards
- Provide business financials and use-of-funds documentation