Faster, smarter SBA loans for growing businesses
Get help from California bankers that understand your business, with a bank that's an SBA Preferred Lender
Faster, smarter SBA loans for growing businesses
Get help from California bankers that understand your business, with a bank that's an SBA Preferred Lender
California SBA Loans*
WaFd Bank is an SBA Preferred Lender, ready to offer expert guidance from California business bankers who understand your growth goals. Whether you're expanding, hiring, or investing in new equipment, as an SBA lender we'll help you access the capital you need through SBA 7(a), 504, and Express loans and lines of credit.
Earning Preferred Lender status with the SBA means we can help in a more efficient way without waiting on the SBA to bless our approvals,” said SBA Program Manager, Scott Bossom. “This designation allows us to serve our customers with faster turn times, helping them secure the resources they need to expand, hire, and strengthen our local economies.”
Scott Bossom
SBA Program Manager
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
California SBA lending requirements
Requirements for SBA loans vary, but you'll generally need the following:
- Operate a for-profit business in the U.S.
- Have a tangible net worth of less than $20 million
- Demonstrated management experience (you can run a business successfully)
- Be able to meet down payment requirements
- Have an average net income, after federal income taxes, of less than $6.5 million in the last two years
- Sufficient collateral for the loan (usually what you're buying with funds from the loan)
- A plan in place to use the funding for approved purposes
- Evidence that you are unable to get approved for a loan with reasonable terms
- No delinquencies on government loans, including federal student loans
The SBA will also evaluate your management experience, the feasibility of your business plan, and how the loan will help grow your business and, in turn, create new jobs or retain current ones.
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*FREE BUSINESS CHECKING
Straightforward and perfect for managing a small business
- Pay bills online
- Mobile photo deposit
- Access images of deposited items
- Option to upgrade your account with services like eWires and ACH payments
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
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's the Difference Between SBA 7(a) and 504 Loans
There are a few key differences to consider when choosing the right one for your business.
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 Qualify for an SBA 7(a) Loan
Qualifying for a 7(a) loan is both easier and more complicated than you might think, and requirements differ from bank to bank and also depend on the type and size of your loan request.
Frequently Asked Questions
*Loans subject to approval.