SBA Loan

What is an SBA Loan?

SBA loans are long-term, low interest rate loans for small businesses partially guaranteed by the government. The Small Business Administration (SBA) is a federal agency that provides various programs to assist the growth and development of small businesses. While the SBA isn’t the actual lender, they are responsible for setting up guidelines for their lending partners. They also guarantee part of the small business loan to reduce financial risk for their lenders.

Maximum Loan Amount

$30,000 - $350,000

Interest Rates

7.50% - 8.50%*

Repayment Term

10 years

* Loans have a variable rate of Prime Rate plus 2.75% to 3.75%.

The Pros

Lowest down payments

Longest payment terms

Reasonable interest rates

Suitable for a wide range of business purposes

The Cons

Lengthy paperwork

Longer approval times

May require collateral

What Documents Will I Need to Apply?

Application

6 Month Bank Statement

Business

Tax Returns

Personal Tax Returns

Profit Loss

Statement

Balance Sheet

Business Debt Schedule

Who Qualifies?

Securing an SBA loan is no easy feat…
So how can you get one?

As it turns out, many businesses—including small or newer ones—can qualify for an
SBA loan. The most important factor will be your credit score: SBA loans are for
business owners with strong borrowing histories.
Be prepared: SBA loans usually require a lot of time, energy, attention, and
documentation.

It’s definitely not a loan that you’ll apply to and receive the funding for in a few days, but
it is a loan you can use grow your business, refinance your other debt, and more at the
lowest available rates.

You might find it difficult to qualify for an SBA loan if your company has a limited track
record or, especially, if your credit is poor. After all, the SBA and your lender are sticking
their neck out on the belief that you’re a reliable borrower.

APPLY NOW!