These are the most common of the SBA loans, offering qualified U.S. businesses low-interest loans for working capital through a variety of partner lending institutions. Loan amounts range, but – most recently – the cap was raised from $2 million to $5 million. The beauty of the SBA 7(a) loans is that they are designed to help small businesses who have tried to get funding elsewhere (and failed) a way to secure loans at competitive rates and with favorable terms. You’ll still need good to excellent credit and a demonstrated business history to get one, though. If you’re looking for a large source of cash for business purchase or expansion, however, this may be the way to go.

Looking to finance a big real estate purchase? You’ll likely need access to the larger funds provided through the 504 SBA Loan program. The loans are made available for fixed assets, such as machinery, as well as property. Because of the large price tag for purchases of this type, the loan program has responded with a cap of $20 million. Be prepared to put some money down, however. To buy real estate through the 504 program, you’ll need to show your ability to repay such a large amount and have a cash reserve equal to a down payment – or more. Low rates and stable repayment terms are just a few of the reasons growing companies turn to this program when it comes time to make large expansion plans.

In a “speedy” version of the 7(a) loan program, the SBA has tapped preferred financial institutions to take on some of the risks in processing loans for quicker turnaround time. Instead of waiting weeks or even months to hear if you’ve been approved, the SBA Express Loan program can deliver a verdict in just a couple of days. Because they don’t follow as rigorous underwriting rules, however, the cap for these loans is smaller – just $350,000. You may also pay slightly higher interest rates for these expedited loans. Still, it may be worth it if you need cash fast and qualify for the traditional SBA programs.