SBA sets the guidelines that govern the 7(a) loan program. When applying for an SBA 7(a) loan, you must complete SBA Form 1919.Yes, you can sell a business with an SBA loan, but not without taking certain important measures. The most crucial measure is obtaining lender approval. The 504 loan program provides longterm, fixed rate financing for major fixed assets that promote business growth and job creation. Can An SBA 504 Loan Be Assumed? Many types of loans are not assumable. Fortunately for borrowers, SBA loans, including the SBA 7(a) loan, are fully assumable with SBA approval.