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A small business loan backed by the U.S. Small Business Administration
The ideal option for business financing due to low interest rates
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How SBA funding works
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Merchants must meet the requirements set forth by the SBA and the lender
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Application turnaround time from the SBA is 5-10 business days
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Funding amounts available up to $5,000,000
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Maximum terms vary depending on loan purpose (e.g., up to 25 years for real estate, up to 10 years for equipment, etc.)
Rates are based on
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Market Prime Rate (MPR)
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Loan size and term
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Time in business
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Credit profile, overall profitability, and existing debt
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Questions
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What do you intend to do with the funds from an SBA 7(a) loan?
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How quickly do you need funding?
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Do you have existing debt on your balance sheet?
Required documents
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Application with basic details about the business and merchant
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Business financial statements, such as balance sheets, profit and loss statements, and projected financial statements
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Loan application history
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Income tax returns
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Etc.
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Good to know
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Long repayment terms, low interest rates, and no prepayment penalties make the SBA 7(a) loan a great option
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Loans can be used for a variety of purposes, including working capital, business expansions, or purchasing equipment and supplies
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Additional SBA loan types are available depending on your needs