This simple SBA loan calculator helps you understand the cost of your loan. See monthly interest & repayment amounts, as well as total interest & cost.
Page written by Ian Hawkins. Last reviewed on June 13, 2024. Next review due October 1, 2025.
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This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.
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Our SBA loan calculator can be used to estimate the monthly payments, interest rates, and repayment terms for a Small Business Administration (SBA) loan. It requires input of the loan amount, interest rate and loan term, and provides an estimate of the monthly payment and total cost of the loan. This calculator will then give you a rough idea of the cost of an SBA loan, and help you determine if it fits within your budget.
SBA 504 loans are long-term, fixed-rate financing options designed to help small businesses acquire fixed assets such as real estate and equipment. These loans are provided through certified development companies (CDCs) in partnership with banks and are typically used for large capital expenditures.
SBA 7(a) loans are the most common type of SBA loan and provide flexible financing for various business purposes, including working capital, equipment purchases, and debt refinancing. They offer longer repayment terms and lower down payments than conventional loans, making them attractive to small businesses.
SBA 8(a) program is not a loan program but rather a business development program designed to assist eligible small businesses owned and controlled by socially and economically disadvantaged individuals. Participants in the program can benefit from access to government contracting opportunities, specialized business training, and mentoring.
Learn more from Swoop’s extensive guide on SBA loans.
To qualify for a Small Business Administration (SBA) loan, you will typically need to meet the following general requirements:
Have a solid business plan: You will need to provide a detailed business plan that outlines your business strategy, market research, financial projections, and other key details.
Demonstrate good credit: Your personal and business credit scores will be evaluated to determine your creditworthiness.
Show sufficient cash flow: You will need to demonstrate that your business generates enough revenue to make loan payments on time.
Have collateral: You may be required to provide collateral, such as real estate or equipment, to secure the loan.
Meet size standards: Your business must be considered a small business according to SBA size standards.
Be in an eligible industry: The SBA has specific guidelines for which industries are eligible for SBA loans.
Have a solid management team: The SBA will evaluate the experience and qualifications of your management team.
It’s important to note that the specific requirements for SBA loans can vary depending on the type of loan you are applying for and the lender you are working with. To improve your chances of qualifying for an SBA loan, you should work closely with your lender and make sure you have a solid business plan, good credit, and sufficient cash flow.
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