Truliant is one of the top North Carolina 7(a) Loan Program lenders. Our knowledge and experience with SBA loans can make the process seamless for your businesses.
The SBA offers affordable loans with low down payments and longer payment terms than traditional loans, and business owners have access to more funds at highly competitive, long-term fixed rates. As a preferred lender for the SBA, we are experienced in helping our members navigate the process to find solutions that best meet your needs.
SBA Loan Options
- SBA Express with lines of credit or term loans up to $350,000
- SBA 7(a) with term loans up to $5,000,000
- SBA 504 with term loans up to $5,500,000
SBA Calculators
SBA Loan FAQs
What Is a 7(a) Loan?
The 7(a) Loan Program provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements.
7(a) loans can be used for:- Acquiring or improving real estate and buildings
- Purchasing furniture, fixtures, and supplies
- Changes of ownership (complete or partial)
- Purchasing machinery and equipment
Am I Eligible?
- Be a U.S. based, for-profit, operating business
- Be small under SBA Size Requirements and not be a type of ineligible business
- Not be able to obtain the desired credit on reasonable terms from non-Federal, non-State, and non-local government sources
- Be creditworthy and demonstrate a reasonable ability to repay the loan.
- Lead more about Terms, conditions, and eligibility.
How Do I Apply?
- Fill out Truliant's SBA Loan Application
- Contact a Business Services officer or deliver your application to your local branch
- A Truliant Business Services officer will help you through the application process to answer questions and expedite your loan application
How Do I Pay Back My Loan?
Loan repayment terms vary according to several factors:
- Most 7(a) term loans are repaid with monthly payments of principal and interest from the cash flow of the business
- Payments stay the same for fixed-rate loans because the interest rate is constant
- Variable rate loans may have a different payment amount if the interest rate changes
How Does SBA Differ From USDA?
While U.S. Department of Agriculture (USDA) and Small Business Administration (SBA) loans are quite similar, there are a few notable differences between the two loans.
SBA loans typically tend to be no larger than $5 million, whereas USDA loans can be up to $25 million. USDA loans tend to include larger fees and federal guarantees in contrast to the smaller scale SBA loans. Learn more at the USDA website.
Why Truliant Credit Union?
Truliant offers local, customized service designed to give you exactly what you need to improve your business's financial positioning leading to increased economic health for you and our community. And, not only can we help you obtain the funding you need to launch your upstart, but we can also help if you have an established business that simply needs an infusion of cash.
Contact us today to discuss terms, rates and more. We're here for you and have dedicated Business Officers to help you through the process. Truliant has been serving our communities for more than 70 years, and we want to help your business grow. It's good for you and it's good for our communities.
Related Topics
Rates and terms are subject to change. Loans are subject to credit approval.