SBA LoansChicago
Building Businesses, Making Differences
SBA 7a Loan
SBA 7a loans offer essential financial support to small businesses for various purposes, including business acquisition, leasehold improvements, and working capital.
SBA 7a Loan Requirements
To be eligible for an SBA 7a loan, a business must:
- Be in good standing.
- Operate for profit.
- Be located in the US.
- Meet SBA’s small business size standards.
- Not belong to ineligible business categories.
- Lack access to similar credit on reasonable terms elsewhere.
- Demonstrate creditworthiness and repayment ability.
SBA 504 Loan
SBA 504 loans offer long-term, fixed-rate financing primarily for real estate, buildings, equipment, and machinery purposes.
SBA 504 Loan Requirements
To qualify for an SBA 504 loan, a business must:
- Operate for profit.
- Be located in the US.
- Have a tangible net worth under $15 million.
- Average net income less than $5 million after taxes over two years.
- Meet SBA’s small business size standards.
- Show qualified management, feasible business plan, and good character.
- Demonstrate creditworthiness and repayment ability.
- Not engage in nonprofit, passive, or speculative activities.
Click below to schedule a consultation with our expert lending team
Peter Georgitsis
SVP, Commercial Lending & SBA Specialist
Peter Georgitsis brings over two decades of banking expertise, specializing in SBA lending. Renowned for his skill in structuring complex loans, he consistently steers challenging financial scenarios towards positive resolutions. Peter champions the power of personal connection, often opting for face-to-face interactions and site visits with clients and colleagues. He strongly believes in the value of direct, open communication and is always accessible for discussions or to address any client queries.
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