SBA offers variety of loans for small businesses

The Small Business Administration offers loans through the Paycheck Protection Program for businesses affected by the COVID-19 pandemic, but it isn’t the only funding option available, according to Forbes Advisor. The SBA also provides 7(a) loans with a $5 million cap and repayment terms of up to 10 years for working capital; 504 loans of up to $5 million for investments in buildings, land or equipment; and the SBA Microloan Program, which offers up to $50,000 for businesses to start or expand operations. The SBA Disaster Loans program also offers up to $2 million for small businesses affected by declared disasters.