Low interest, monthly payments, high interest
debt repayment
A small business loan with big value
With longer repayment terms and lower rates, SBA-backed loans offer excellent value when you need funding to grow your small business.
Our mission is to equip every entrepreneur with reliable access to the smart capital they need to grow. We’ve taken the long, complicated process of applying for funding and streamlined it for the way you do business today. One single application is powered by intuitive technology and an exceptional team dedicated to finding you the right financing offers, without wasting your valuable time. We’re proud to be the leading financing platform connecting small businesses with SBA, bank term loans, and flexible financing options.
Frequently asked questions
In general, SBA loans provide lower rates and longer terms, and bank term loans are a great option if you’re looking for fixed rates and faster access to funds through a faster application process.
Most businesses in good financial standing that have been in operation for more than two years are good candidates for bank term loans.
Even if you don’t yet qualify for an SBA or bank term loan, our intuitive application will surface the best available custom financing solutions for your specific needs and situation.
A Bank Term loan from a bank in the Compass 7BC Loans network can be used in a variety of ways to build your business and save money. The financial professionals at Compass 7BC Loans are available to answer any questions you may have regarding acceptable uses of loan proceeds.
7 Business Capital
7BC is on your side When it comes to small business financing, 7BC is on your side.
We have simplified the long and complex application process for SBA loans, We made it easier to manage with our dedicated team.
Our experienced financial experts will complete your online application and we are with you at every step of building your financial story.
If an SBA loan is not your best bet, you can get a loan from trusted bank and non-bank lenders. Our network helps you find the right loan for your business.
What can SBA loans be used for?
SBA 7(a) loans of $30,000 – $350,000 from banks in the 7BC network are for debt refinancing and working capital.
Can be used. Working capital includes operating expenses, marketing, employment, and more.
SBA loans can also be used to finance the purchase of new equipment.
Personal and Business Requirements to Apply for an SBA Loan
SBA loans through 7BC network’s banks are for borrowers who are financially healthy. most companies It has been operating for at least two years in good credit, has not had any recent bankruptcies or foreclosures, and is suitable for monthly payments over the term of the loan. You can get these loans if you have enough cash flow. Actual approval requirements depend on individual lenders and factors such as business revenue, cash flow, and credit score.
| 7BC SBA Loans up to $350,000 |
|
|---|---|
| 2+ years of business experience | |
| The business owner must be a US citizen or lawful permanent resident. | |
| Business owner’s personal credit rating | 650 |
| Business and personal cash flow to service all debt payments demonstrated by tax returns and interim financial data | |
| Bankruptcies or foreclosures in the last 3 years | |
| Outstanding tax liens | |
| Delinquencies and/or default on government loans | |
| Real estate must be majority owner-occupied** |
※ From banks in the 7BC network.
※ At least 51% of the square footage of the property you’re buying, or refinancing must be occupied by and used by your business.
Personal & Business Tax Returns
Banks in the 7BC network require the previous 3 years of business and personal income tax returns.
Personal Financial Statements
A Personal Financial Statement is required from each individual owning 20% or more of the company.
Profit & Loss Statement
Also known as an “Income Statement,” a Profit and Loss Statement measures a company's financial performance over a specific period of time. This statement includes all revenue and expenses over a given period.
Balance Sheet
This statement provides an overall financial snapshot of your small business. As an equation, it looks like: Assets = Liabilities + Equity. The two sides of the equation must balance out to equal each other.
Collateral
Most banks require some type of collateral. For banks in the 7BC network, collateral required depends on the SBA loan size. If you apply for a loan through a bank in the 7BC network for $30,000 to $350,000, a lien on business assets is required by the bank. This includes assets such as accounts receivable or inventory, as well as fixed assets such as new equipment purchased with loan proceeds or commercial real estate owned by the business. The value of these assets does not need to equal the loan amount you are requesting.
If you apply for a commercial real estate loan of $500,000 or more through a bank in the 7BC network, the property you are refinancing or purchasing will be the collateral for the loan and a first lien on the real estate is required. Based on the appraised value, you must have at least 10% - 20% equity in the real estate for a refinance or put 10% - 20% down for a purchase of the real estate.
Other Documents
These can include entity and location documents such as business licenses, articles of incorporation, commercial leases, or franchise agreements.