What is an SBA Loan?
SBA loans are government-backed loans that can be used to start or expand a business. In order to qualify, borrowers must meet certain size requirements, demonstrate their ability to repay the loan and demonstrate solid business intentions. Due to the government's backing, SBA works with specific lenders to offer their programs that eliminate the risk for lenders.
To learn more about an SBA Loan and if it's a right fit for your business, complete our simple online application to speak with a business financing advisor today.
How to Appy for An SBA Loan
In order to apply for an SBA loan, you should follow these steps:
1. Check your eligibility
2. Choose the right program for your business
3. Research trusted SBA lenders
4. Prepare your documentation
The SBA’s requirements include:
SBA 7(a) may be available if your business does not meet the minimum time in business or credit score requirements. To learn more complete our simple online application today.
What is a SBA 7A Loan?
A SBA 7(a) loan is the primary product from the SBA. It isn't a loan directly from the SBA, rather, the SBA helps small business owners secure loans by guaranteeing a portion of the amount borrowed, capping interest rates, and limiting fees. Generally qualified business owners can use a 7(a) for any business purpose.
What is an SBA 504 Loan?
SBA 504 loans are generally used for buying fixed assets like equipment or real estate, which ultimately acts as collateral for the loan itself. This program may require a down payment and are made available through Certified Development Companies (CDC’s) not lenders.