Since the 1950s, the SBA has had two primary loan programs, the 7(a) and the 504 loan program. As with everything in government, all things must change. At the most recent NAGGLE (National Association of Government Guaranteed Lenders) conference, the SBA announced that effective November 1, 2016, the names of the 7(a) and 504 SBA Loans will be changed.
The SLA program is a delivery vehicle for SBA guaranteed term loans. In June 2012, the SBA revised portions of the SLA program making the application process even easier, expanding the number of qualified lenders and increasing the loan cap from $250,000 to $350,000. Pre-screening tools and streamlined documentation enable lenders to offer faster and more cost-effective SBA 7(a) loans to business borrowers.