SBA 7(a): can be used for acquiring a business, refinancing, startup funds, equipment, partner buyout, or for the purchase of real estate. By far the most used and most common SBA program, 7(a) loans can help both existing and new businesses get financing. Whether you choose to use it for buying or reconditioning furnishings, equipment, land, or buildings, or you opt to refinance debt or get working capital, the huge plus about the 7(a) loan is that it can be used for more general purposes.SBA 504: is a purchase or construction loan only.SBA Express: This loan covers equipment and working capital. These can be pre-approved in less than 2 days. The maximum amount for this type of loan is $350,000. The maximum SBA guarantee is 50 percent. Borrowers and lenders can negotiate the interest rate. Rates can be variable or fixed and are tied to the prime rate, the London Interbank Offered Rate (LIBOR), or the optional peg rate, but they may not surpass the SBA’s maximum rates. Lenders are not required to take collateral for loans up to $25,000.