An SBA loan is a loan that is issued and partially backed by the Small Business Administration (SBA). The SBA plays a role in helping small businesses gain access to capital they need to start, grow, and expand their operations. The SBA offers several loan programs, such as the 7 (a) loan program and the 504 loan program, that provide businesses with the funds they need for their ventures. SBA loans typically have competitive interest rates and long repayment terms, making them an attractive option for businesses seeking capital.
To find out more about a specific type of SBA loan, please click one of the options below, or to use our SBA loan calculator, click here.
SBA loans are loans that are guaranteed by the U.S. Small Business Administration (SBA). The SBA does not actually provide the loans themselves, but rather guarantees a portion of the loan provided by participating lenders, such as banks or credit unions.
Here are the general steps to obtain an SBA loan:
It’s important to note that SBA loans can be more difficult to obtain than other types of loans because of the eligibility requirements and the lengthy application process. However, they can be a good option for businesses that may not qualify for traditional bank loans or need longer repayment terms.
There are several benefits of SBA loans for small businesses, including:
Overall, SBA loans can be a valuable source of funding for small businesses, offering lower interest rates, longer repayment terms, and flexible use of funds. However, the application process can be more involved than other types of loans, and eligibility requirements must be met.
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