Take your business to the next level
Financing for just about anything for your business
Take your business to the next level
Financing for just about anything for your business
SBA 7(a) Loan*
Backed by the U.S. Small Business Administration, the SBA 7(a) offers flexible terms, competitive rates for nearly any business purpose, including working capital, equipment purchases, buying real estate, acquiring a business, or refinancing debt.
$5,000-$5,000,000 loan amounts available
$5,000-$5,000,000 loan amounts available
Easier approval for bigger opportunities
Easier approval for bigger opportunities
Flexible use of funds
Flexible use of funds
Get the funding you need to grow your business
Features & benefits:
- Competitive interest rates
- Lower down payments compared to conventional loans
- Online Banking with bill payment
- eStatements
- Available for startups and established businesses
- Can be used for real estate, working capital, or debt consolidation
- Unsecured loans available $5,000-$50,000
- Secured loans available
- Flexible terms up to 25 years
Best if you:
- Want to expand operations
- Are launching a new business
- Need funding for equipment or inventory
- Want to buy or refinance commercial real estate
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.
Scale Your Success
Expand your financial capacity with our integrated business banking solutions, designed to scale with your goals.
REMOTE DEPOSIT CAPTURE
Submit your bank deposit using a simple desktop scanning device
- Save time, no need to drive your deposits to the bank
- Receive credit faster
- Access images of deposited items
eACH
A secure and fast way to send and receive payments
- Vendor Payments
- Payroll
- Payment Collection
ADDITIONAL OPTIONS
More ways to upgrade your account
- Treasury Prime for ultimate control over business accounts
- Sweep Accounts
- Zero Balance Accounts
- eWires: send domestic and International wires quickly
Expert Insights
Navigate your business confidently with expert knowledge and guidance.
What Is Needed to Open a Business Bank Account?
Keeping your business funds separate from your personal finances helps you stay organized and focused on your business priorities.
8 Ways You Can Use an SBA 7(a) Loan for Your Business
Exactly how much can you do with the funds you get? There are many business goals you can meet after you're approved, find out how you can succeed and meet your business goals.
How to Apply for an SBA 7(a) Loan
At WaFd Bank, there are several application paths to choose from, depending on the size and type of SBA 7(a) loan you need, as well as what you plan to use the funds for.
Frequently Asked Questions
*Loans subject to approval.