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Question 1

What does SBA stand for?

Answer 1

Small Business Administration

Question 2

True or False: SBA 7a loans can be used for both working capital and purchasing equipment.

Answer 2

True

Question 3

What is the maximum loan amount for an SBA 7a loan?

Answer 3

$5 million

Question 4

Fill in the blank: SBA 7a loans are primarily designed to assist _______ businesses.

Answer 4

small

Question 5

What is one of the main purposes of the SBA 7a loan program?

Answer 5

To provide financial assistance to small businesses.

Question 6

True or False: SBA 7a loans require collateral for all loan amounts.

Answer 6

False

Question 7

What is the typical repayment term for an SBA 7a loan?

Answer 7

Up to 10 years for working capital and up to 25 years for real estate.

Question 8

Which of the following is NOT a use for SBA 7a loan proceeds? A) Buying inventory B) Purchasing a franchise C) Personal expenses

Answer 8

C) Personal expenses

Question 9

True or False: SBA 7a loans are guaranteed by the federal government.

Answer 9

True

Question 10

What is the interest rate range for SBA 7a loans?

Answer 10

Generally between 5.75% and 8.25%

Question 11

Short answer: Who is eligible to apply for an SBA 7a loan?

Answer 11

Small businesses that meet SBA size standards.

Question 12

Fill in the blank: The SBA 7a loan program is the _______ loan program offered by the SBA.

Answer 12

most popular

Question 13

What is one key requirement for an SBA 7a loan application?

Answer 13

A solid business plan.

Question 14

True or False: Non-profit organizations can apply for SBA 7a loans.

Answer 14

False

Question 15

Which of the following is a common reason for loan denial? A) Insufficient credit history B) Strong business plan C) High revenue

Answer 15

A) Insufficient credit history

Question 16

What is the SBA’s role in the 7a loan program?

Answer 16

To guarantee a portion of the loan to lenders.

Question 17

Fill in the blank: The SBA 7a loan can also be used for _______ acquisitions.

Answer 17

business

Question 18

True or False: SBA 7a loans can be used for refinancing existing debt.

Answer 18

True

Question 19

What type of lender typically offers SBA 7a loans?

Answer 19

Banks and credit unions.

Question 20

Short answer: What is the SBA’s website for more information on 7a loans?

Answer 20

www.sba.gov

Question 21

What is the role of the lender in the SBA 7a loan process?

Answer 21

To evaluate the loan application and provide the funds.

Question 22

True or False: SBA 7a loans can be used for purchasing real estate.

Answer 22

True

Question 23

What is the minimum credit score generally required for an SBA 7a loan?

Answer 23

Around 650

Question 24

What documentation is commonly required for an SBA 7a loan application?

Answer 24

Financial statements, tax returns, and a business plan.

Question 25

Fill in the blank: The SBA guarantees _______ of the loan amount.

Answer 25

a portion

Question 26

True or False: SBA 7a loans can only be used for startup businesses.

Answer 26

False