What's the difference between an SBA 7(a) and a 504 loan?

The 7(a) is the flexible, general-purpose program — working capital, equipment, acquisitions, and more. The 504 is purpose-built for major fixed assets like commercial real estate and heavy equipment, often with a lower down payment. We'll point you to whichever fits your use of funds.

How long does an SBA loan take to fund?

More than a fast working-capital advance — typically 30 to 60 days from a complete application to funding. A clean, lender-ready package is the single biggest factor in moving quickly, which is exactly what we help you build.

Do I need collateral?

It depends on the loan size and use. Many SBA loans require available collateral and a personal guarantee from owners, but the SBA won't decline a 7(a) solely for insufficient collateral if the rest of the file is strong.

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SBA 7(a) Loan

Government-backed loans for working capital, equipment, real estate, acquisition, or refinancing, subject to lender approval.

LOAN RANGE

Subject to lender approval

TURNAROUND

Subject to lender approval

Best for established businesses that want long terms and can provide fuller documentation in exchange for that pricing, subject to lender approval.

About SBA 7(a) Loan

SBA loans are business loans partially guaranteed by the U.S. Small Business Administration. That government guarantee reduces the lender's risk, which lets banks offer longer terms than they otherwise could — making SBA financing a cost-effective way to fund a growing business, subject to lender approval. The two most common programs are the SBA 7(a) loan (flexible, general-purpose) and the SBA 504 loan (for real estate and major equipment).

SBA loans take more documentation and a bit more time than fast working-capital products, but the trade-off is meaningful: terms can stretch to 10 or even 25 years, keeping payments low. Slate Financial helps you assemble a complete, lender-ready package and matches you with active SBA lenders so your file moves efficiently through approval.

How It Works

1Complete the application and gather core documents: business and personal financials, tax returns, a business plan or use-of-funds, and ownership details.
2We match your file to active SBA lenders whose appetite fits your industry, loan size, and use of funds.
3The lender underwrites the request and, for qualifying files, secures the SBA guarantee.
4You receive a commitment outlining the amount, rate, term, and any conditions to close.
5After conditions are satisfied, the loan closes and funds are disbursed for your approved purpose.

Who Qualifies

For-profit U.S. businesses operating in an eligible industry
Owners with reasonable credit and the ability to document repayment capacity
Businesses that meet SBA size standards for their industry
A clear, eligible use of funds (working capital, equipment, real estate, acquisition, refinance)

Typical Terms

Amount	Subject to lender approval
Term	Up to 10 yrs (25 for real estate)
Use of funds	Working capital, equipment, real estate, acquisition
Timeline	Typically 30 – 60 days

Pros & Cons

Advantages

+Long terms and government backing

+Long repayment terms — up to 10 years for many uses, 25 for real estate — keep payments low

+Larger loan amounts than most non-bank products

+Can fund a wide range of needs, including business acquisition

Considerations

-More documentation and a longer timeline than fast funding products

-A personal guarantee and sometimes collateral are typically required

-Strong credit and financials improve approval odds and pricing

Ready to Apply for SBA 7(a) Loan?

Fill out the application below and a funding advisor will reach out within 1 business day.

Application Form

All fields marked * are required. Your information is encrypted and secure.

Business Info

Business Legal Name *

DBA / Trade Name (if different)

Business EIN / Tax ID *

Business Type *

State of Incorporation *

Business Start Date *

Time in Business *

Industry *

Number of Employees *

Business Street Address *

City *

State *

ZIP *

Business Phone *

Premises *

Financials

Gross Annual Revenue *

Average Monthly Revenue *

Net Profit (last full year) *

Existing Business Debt Balance *

Total Monthly Debt Payments

Loan Details

Amount Requested *

Primary Use of Funds *

Is this to buy a business? *

Does the loan involve real estate? *

Owner Info

Owner Full Legal Name *

Ownership % *

Owner Email *

Owner Cell Phone *

Social Security Number *

Date of Birth *

Owner Home Address *

Estimated Personal FICO *

Citizenship Status *

Delinquent on any federal debt (taxes, student loans, prior SBA)? *

Any criminal charges or convictions (other than minor traffic)? *

Second Owner

2nd Owner Full Legal Name (if 20%+ owner)

2nd Owner Ownership %

2nd Owner Email

2nd Owner SSN

2nd Owner Date of Birth

How did you hear about us?

Document Upload

After submission, your advisor will send a secure upload link for required documents.

Credit Authorization

By checking the box below, I authorize Slate Financial and its designated partners to pull credit reports for the purpose of evaluating this funding application. I understand that:

A soft inquiry will be conducted on my personal credit (this will not impact my personal credit score)
A hard inquiry will be conducted on my business credit (this may be reflected on my business credit report)
These inquiries are used solely to assess eligibility for business funding products
My information will be kept confidential and used only for this application

I authorize Slate Financial to perform a soft credit pull to pre-qualify me, which does not affect my credit score. I understand a hard credit inquiry occurs only if I choose to move forward with a specific lender's offer, and that Slate will notify me before any hard pull.

Applicant Signature *

By drawing my signature and typing my full legal name below, I am electronically signing this funding application. I certify that the information provided is true and accurate, I authorize Slate Financial and its lending partners to verify it and pull credit as described above, and I agree that my electronic signature is the legal equivalent of my handwritten signature under the ESIGN Act and UETA.

Draw your signature

Sign here with your mouse or finger

Type your full legal name *I intend to sign this application electronically and agree my electronic signature is legally binding (ESIGN/UETA).

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Program Highlights

Long terms up to 25 years

Government-backed

Subject to lender approval

Use for almost any business purpose

Required Documents

Have these ready to speed up your approval:

📄SBA Form 1919 - Borrower Information

📄SBA Form 912 - Personal History Statement

📄SBA Form 413 - Personal Financial Statement

📄3 years business tax returns

📄3 years personal tax returns

📄Year-to-date profit & loss statement

📄Year-to-date balance sheet

📄3 months business bank statements

📄Business debt schedule

📄2-year financial projections

📄Business plan or loan purpose narrative

📄Business licenses and permits

📄Articles of incorporation / operating agreement

📄Business lease agreement

📄Certificate of good standing

📄EIN confirmation letter

📄Government-issued ID

📄Resume for each principal

Typical Timeline

Subject to lender approval

Timeline begins after all required documents are received and verified.

Need Help?

Talk to a funding advisor

📞 (843) 290-8928

SBA 7(a) Loan

About SBA 7(a) Loan

How It Works

Who Qualifies

Typical Terms

Pros & Cons

Ready to Apply for SBA 7(a) Loan?

Application Form

Business Info

Financials

Loan Details

Owner Info

Second Owner

Credit Authorization

Applicant Signature *

Program Highlights

Required Documents

Typical Timeline

Frequently Asked Questions

Application Form

Business Info

Financials

Loan Details

Owner Info

Second Owner

Credit Authorization

Applicant Signature *