Same great program, new name!
On November 1, 2016, the U.S. Small Business Administration announced name changes for its two core business loan programs. To better reflect their purposes and improve borrower understanding, the SBA is renaming and re-branding both the 504 and 7(a) loan programs.
The 504 program name will change to the SBA Grow Loan Program, while the 7(a) will become the SBA Advantage Loan Program.
There are no substantive change to either loan program. While the changes are effective immediately, the re-branding will be updated on the SBA website, in forms and in other communications pieces over time.