Running a small business involves a lot of moving parts from staff to equipment to office space and more. Each of these moving parts comes with a price tag and, on the surface, affording everything can look like a daunting, herculean, task. That’s where institutions such as the Small Business Administration (SBA) and John Marshall Bank step in. Working together, the SBA and JMB partner with small businesses throughout the DC Metro Region to offer specialized loans called SBA 7(a) loans to help with the costs of starting, maintaining, and growing a small business.

Now, it’s easy to say that SBA 7(a) loans help make entrepreneurship easier and more affordable and just be done with it, but that leaves a lot of room for questions; such as “is my business eligible for an SBA 7(a) loan,” “what can I use one of these loans for,” “how do I apply for one,” and more. Read on because the experts at John Marshall Bank are here to answer those questions.

SBA 7(a) Loan Eligibility

When it comes to eligibility for an SBA loan, there are a few considerations each small business owner should keep in mind before applying. Just like every loan program, there are limits and rules to who can receive a loan. First and foremost, both operating businesses and start-up companies are eligible to apply. Additionally, applying businesses must either be operated for profit or have profitable projections, located in the United States, be creditworthy, and demonstrate a reasonable ability to repay the loan. More information on eligibility specifics can be found here or by contacting the dedicated SBA team at John Marshall Bank.

SBA 7(a) Loan Uses

There are a variety of use cases for SBA 7(a) loans, all of which can help small business owners with the unique costs and challenges of operating a small business. One of the more popular uses for SBA 7(a) loans is short and long-term working capital. This gives business owners a cushion to make purchases specific to their business and is especially helpful in moments of sudden growth. SBA 7(a) loans can also be used for acquiring, refinancing, or improving real estate, refinancing current business debt, purchasing and installing machinery and equipment, purchasing furniture and supplies, ownership changes, or any combination of these. Keep in mind, however, that SBA 7(a) loans have a cap of $5 million.

Applying for an SBA 7(a) Loan

Applying for an SBA 7(a) loan is as simple as getting in touch with the SBA team at John Marshall Bank and filling out one of their loan applications. As you fill out the application and go through the loan process, the JMB team will be able and willing to assist you should any questions or concerns arise. Applying for a loan of less than $500,000? Through JMB, the application is even easier as the Bank is able to pre-approve applicants for loans of that size. Overall, the process takes about 10 minutes and full approval can come in as fast as seven business days.

Small Businesses, JMB, and the SBA – A Winning Combination

If you’re a small business owner, or looking to become one, the best financial partner for your businesses growth and success is the local, dedicated team at John Marshall Bank. With eight branches in the DC Metro Area, staffed with team members who live in and know the specifics of the region and a dedicated SBA team, partnering with John Marshall Bank is the winning ticket for you and your business.

For more information, or to begin the loan process, please reach out to JMB’s SBA team.