The 7(a) loan program, now called SBA Advantage Loan Program, is SBA’s primary business loan program.
The program has broad eligibility requirements and credit criteria to accommodate a wide range of financing needs. In the 7(a) program process the SBA does not lend directly. Small businesses submit their applications to lenders and if the lender finds the loan eligible and creditworthy the lender with delegated authority approves the loan, get the loan number from the SBA, and notifies the applicant; or the lender without delegated authority submits the loan to the SBA for approval. SBA loan programs are generally intended to encourage longer term small business financing, but actual loan maturities are based on factors discussed in this video.
Thomas L. Hofstetter
Schenck, Price, Smith & King LLP
- Principal at Schenck, Price, Smith & King LLP in Florham Park, New Jersey, chair of the firm’s Banking Practice Group and member of Workout Restructuring Practice Group and Corporate Law Group
- Practice focuses on representing commercial lenders in loan transactions and other commercial matters
- Experience crosses a broad spectrum of lending areas, including real estate and asset-based secured loans, construction loans, foreclosures and loan workout arrangements
- Member of the National Association of Government Guaranteed Lenders (NAGGL) 7(a) Trade Origination serving as chair of Region II Regional Liaison Committee, member of Technical Issues Committee and instructor for the organization
- Member 504 National Association of Development Companies (NADCO) 504 Trade Organization
- Regularly presents in person and online seminars, and conducts training sessions for clients regarding all aspects of closing commercial loans and SBA loans, including annual updates on the SBA SOPs
- Represents several national and community lenders with regard to 7(a) and 504 loans, designated counsel for several 504 Certified Development Companies (CDC)
- Former general counsel of a community bank and section chief for the Federal Deposit Insurance Corporation
- Can be contacted at 973-540-7308 or [email protected]
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