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SBA 7(a) Guarenteed Loan Program

Category: Business Finance Options

The Small Business Administration (SBA) 7(a) Guaranteed Loan Program provides conventional lenders with guarantees of up to 90% for loans made to qualifying businesses for purposes of fixed asset or working capital financing, or refinancing of existing debt. The maximum guaranty amount is typically $750,000 and interest rates may be fixed or variable, however may not exceed 2.75% over the New York Prime Rate as quoted by the Wall Street Journal. The term of the loan is determined by the useful life of the asset being financed.

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Redwood County offers industrial park sites, excellent transportation corridors, 94.7 miles of railroad track, a regional airport located in Redwood Falls, and excellent health care facilities across our county including the North Memorial Air Care Helicopter Ambulance located at the Redwood Fall Airport.

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