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Small Business Administration 7(A)

Coastal Community Capital is the leading U.S. Small Business Administration lender in Barnstable, Nantucket, and Dukes Counties, as well as certified to lend in all of Massachusetts. Working primarily with the 504 and 7(a) Loan Program, Coastal is focused on bringing economic vitality to our lending region by supporting small businesses and entrepreneurs.

How It Works
The 7(a) Loan Program is the SBA's primary program for helping start-up and existing small businesses.  The most common uses of a 7(a) loan are for inventory, equipment, or working capital and are only available on a guaranty basis. SBA does not make loans itself, but rather guarantees loans made by participating lending institutions who choose to structure their own loans by SBA's requirements. Coastal works with the borrower and their bank to secure the SBA loan guarantee, thereby allowing the bank to make a small business loan it may otherwise be unable to make. Taxpayer funds are only used in the event of borrower default, reducing the risk to the lender but not to the borrower, who remains obligated for the full debt, even in the event of default.  The 7(a) loan program is not collateral dependent, however all avaialble collateral will be taken.

Why It's Important
Historically, the SBA 7(a) Loan Program has been an important tool for providing loans to customers who do not meet conventional underwriting criteria. And, when business lending risk increases through stages of a credit cycle, the 7(a) program may be a valuable risk mitigant. In previous economic downturns, the 7(a) program has been counter-cyclical in nature, increasing in loan volume when economic growth slowed. During the current economic period, the SBA 7(a) loan may be an ideal product for reaching new customers.

Benefits of Partnering With Coastal
When you partner with Coastal on SBA 7(a) loans, we package the loan application and underwriting services in addition to offering guidance to your client on strengthening their financing request and structuring recommendations that will conserve working capital and promote stability. Additionally, we act as the local SBA experts, giving you assistance and insights on the 7(a) process which can help you leverage time and resources while reducing risk.

Last updated: May 16, 2012

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