Hyak Financial

SBA 7(a) Loans

Hyak Financial assembles SBA loan packages and shops the loan to find a lender willing to fund the project. Because Hyak Financial works closely with several national and local lenders, we are familiar with the funding inclination of the different banks in terms of start-ups, smaller loans and industries.  As a result, Hyak Financial can efficiently pinpoint a lender most likely to fund a particular loan, which can saves the borrower significant time and money.

SBA 7(a) Loans

The SBA 7(a) loan program is designed to provide loans to small businesses in need of flexible underwriting guidelines, extended loan terms, and low down payments.


For existing businesses:

  • Historical cash flow sufficient to service requested debt or cash flow ability based on reasonable projections.
  • Reasonable personal credit of principal borrowers.
  • Secondary source of repayment- either collateral equal to loan amount or co-signer with reasonable credit and income to repay loan
  • Historical earnings sufficient to cover personal living expenses

For start-up businesses (established for less than 2 years):

  • Management experience in industry (2 years minimum)
  • Capital injection (30% of total project)
  • Acceptable business plan, projections and assumptions upon which projections are based.

Terms and Conditions

  • Maximum loan amount – $2,000,000
  • Terms – 7 to 10 years
  • Interest rate – prime + 2.25% to 2.75% (variable)


  • Loan maturities are based on the ability to repay, the purpose of the loan proceeds, and the useful life of the assets financed.
  • Maximum loan maturities – 25 years for real estate and equipment, and generally 7 years for working capital.
  • There is a prepayment penalty for loans with maturities for loans with maturities for loans with maturities > 15 years.


  • To secure the loan, the borrower must pledge available business and personally owned assets.  Loans are not declined when inadequate collateral is the only unfavorable factor.
  • All owners of 20 percent or more are required to personally guarantee the loan.

To learn more about the SBA 7(a) program, visit the official SBA website at http://www.sba.gov/.