Faster, smarter SBA loans for growing businesses
Get help from a local bank that understands your business and is an SBA Preferred Lender
Faster, smarter SBA loans for growing businesses
Get help from a local bank that understands your business and is an SBA Preferred Lender
SBA Loans*
WaFd Bank is now an SBA Preferred Lender, which means faster decisions, a streamlined application process, and expert guidance from local business bankers who understand your growth goals. Whether you're expanding, hiring, or investing in new equipment, we'll help you access the capital you need through SBA 7(a), 504, and Express loans and lines of credit.
SBA 7(a) Loan
Best for: Working capital, buying a business, and real estate.
- Expanding operations
- Launching a new business
- Funding for equipment or inventory
SBA 504 Loan
Best for: Buying real estate or large equipment.
- Long-term, fixed-rate financing
- Conserve cash for operations
- Expand your footprint
- Specialized equipment
SBA Express Line of Credit
Best for: Fast, flexible working capital to cover payroll, inventory, seasonal gaps, or unexpected costs.
- Easier qualification than traditional business lines of credit
- $5,000-$500,000
- Support business needs on demand
- Interest-only payments for the first 24 months
Power your growth with small business loans, featuring flexible business financing
WaFd Bank's SBA Loans and Credit Lines
| SBA 7(a) Loan | SBA 504 Loan | SBA Express Line of Credit | |
|---|---|---|---|
| Uses | Flexible; working capital, inventory, debt refinancing, purchasing another business, etc. | Buy or improve major fixed assets like commercial real estate, long-term equipment, upgrades, or expansion | Flexible; manage cash flow, seasonal gaps, emergencies, etc. |
| Maximum loan amount | Up to $5,000,000 | Up to $15,000,000 | Up to $500,000 |
| Term | 2 to 25 years | 10, 20, or 25 years | 10 year term, use as a line of credit for 2 years, then converts to 8 year repayment period |
| Prepayment penalty | Only applicable for terms of 15 years and up, declines as years pass | Varies, but declines as years pass | N/A, use it and pay it off again and again |
| Interest rate | Can be fixed or variable | Fixed | Variable |
| Access to funds | Varies depending on the project; typically a one-time lump sum disbursement | Varies depending on the project; typically a one-time lump sum disbursement | Borrow as needed up to a set amount |
| Down payment | Varies based on use of funds | Generally 10%, can be up to 20% | Varies based on use of funds |
| Collateral | Can be secured or unsecured, depending on use of funds | Secured by property or equipment | Can be secured or unsecured, depending on use of funds |
Uses
- SBA 7(a) Loan: Flexible; working capital, inventory, debt refinancing, purchasing another business, etc.
- SBA 504 Loan: Buy or improve major fixed assets like commercial real estate, long-term equipment, upgrades, or expansion
- SBA Express Line of Credit: Flexible; manage cash flow, seasonal gaps, emergencies, etc.
Maximum loan amount
- SBA 7(a) Loan: Up to $5,000,000
- SBA 504 Loan: Up to $15,000,000
- SBA Express Line of Credit: Up to $500,000
Term
- SBA 7(a) Loan: 2 to 25 years
- SBA 504 Loan: 10, 20, or 25 years
- SBA Express Line of Credit: 10 year term, use as a line of credit for 2 years, then converts to 8 year repayment period
Prepayment penalty
- SBA 7(a) Loan: Only applicable for terms of 15 years and up, declines as years pass
- SBA 504 Loan: Varies, but declines as years pass
- SBA Express Line of Credit: N/A, use it and pay it off again and again
Interest rate
- SBA 7(a) Loan: Can be fixed or variable
- SBA 504 Loan: Fixed
- SBA Express Line of Credit: Variable
Access to funds
- SBA 7(a) Loan: Varies depending on the project; typically a one-time lump sum disbursement
- SBA 504 Loan: Varies depending on the project; typically a one-time lump sum disbursement
- SBA Express Line of Credit: Borrow as needed up to a set amount
Down payment
- SBA 7(a) Loan: Varies based on use of funds
- SBA 504 Loan: Generally 10%, can be up to 20%
- SBA Express Line of Credit: Varies based on use of funds
Collateral
- SBA 7(a) Loan: Can be secured or unsecured, depending on use of funds
- SBA 504 Loan: Secured by property or equipment
- SBA Express Line of Credit: Can be secured or unsecured, depending on use of funds
Connect with Us
Our knowledgeable and experienced bankers are ready to help.
Your vision, powered by our comprehensive business banking products and services
CASH MANAGEMENT
Gain more and seize growth opportunities to scale up
- See all bank and credit card activity in one place
- Track profitability in real time
- Visualize business cash flow with projections to plan for seasonality
PAYMENT PROCESSING SERVICES
Accept payments anywhere with the most up-to-date technology
- Terminal payments (card present)
- E-commerce (card not present)
- Industry-leading security
- Solutions for platforms and developers
CREDIT CARDS
Flexibility designed for your success
- Designed for business owners
- Flexible and convenient
- Manage expenses and authorized user spend with ease
- Cashback rewards
Expert Insights
Navigate your business confidently with expert knowledge and guidance.
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Keeping your business funds separate from your personal finances helps you stay organized and focused on your business priorities.
How to Get a Business Loan from a Bank in 7 Steps
Getting a business loan from a bank might seem complicated, but it's not all that different from getting a personal loan.
How to Qualify and Apply for a Small Business Credit Card
Part of owning a business is building business credit, whether you freelance or own a business with several employees.
Frequently Asked Questions
*Loans subject to approval.