Renaming and Rebranding Two SBA Programs
The U.S. Small Business Administration is announcing new names for its two core business loan programs. In consultation with our lending partners, SBA has begun the process of renaming and rebranding these loans to better reflect their purposes and improve borrower understanding of SBA’s programs. Effective immediately, the 7(a) and 504 loan programs will be referred to by the names outlined below.
• The 7(a) Loan Program has been changed to the SBA Advantage Loan Program
• The 504 Loan Program has been changed to the SBA Grow Loan Program
There is no substantive change to either loan program at this time; this announcement only impacts the programs’ names. All policies, procedures and forms are still in effect. Any changes to the names of the delivery methods within the 7(a) or 504 loan programs will be announced in the future.
The rebranding will roll out over time. SBA expects a transition period, during which time the website, regulations, Standard Operating Procedures, forms, and vendor software will be updated. Due to the gradual introduction of the new names, some documents may continue to use the terms 7(a) and 504 during this transition period.
During the transition period, new Agency communications will reference the names 7(a) and 504 as stated below:
• SBA Advantage Loan Program (previously known as 7(a)
• SBA Grow Loan Program (previously known as 504)