A 7(a) loan is a type of financing offered by the Small Business Administration (SBA) to help small businesses access capital. These loans can be used for various purposes, including purchasing equipment, real estate, or working capital. The SBA guarantees a portion of the loan, which reduces the risk for lenders and makes it easier for businesses to qualify. The maximum loan amount for a 7(a) loan is typically $5 million, with repayment terms ranging from 10 to 25 years, depending on the purpose of the loan. Interest rates are generally competitive, making it an attractive option for small business owners seeking funding.