The SBA loan program is a government-backed initiative designed to help small businesses access financing. It provides various loan options, including the 7(a) loan, which is the most common, and the 504 loan, aimed at purchasing fixed assets. These loans typically have lower interest rates and longer repayment terms compared to conventional loans. The Small Business Administration (SBA) guarantees a portion of the loan, reducing the risk for lenders. This support encourages banks to lend to small businesses that may not qualify for traditional financing. Overall, the SBA loan program aims to promote entrepreneurship and economic growth.