These loans are guaranteed by the Small Business Administration (SBA) and as a result offer some of the lowest rates on the market, as well as long repayment terms and the ability to borrow up to $5 million. Repayment ranges from 7- 25 years based upon how you plan to use the money. SBA loans are best for strong credit borrowers who have been operating for a minimum of 2 years and are willing to work with a longer application process. There are several types of SBA loans: The SBA 7(a) loan, 504, microloans, and EIDL disaster loans, to name a few. The COVID-19 pandemic has resulted in increased options for SBA-backed financing, including the government’s CARES Act and Paycheck Protection Program (PPP).
Lowest rates on the market
Borrow as much as $5 million
Longer repayment terms 7-25 years
Longer application process
Additional documentation and qualifications required
Expanding businesses, or refinancing debt
Businesses with good credit and having the ability to wait a little longer for funding
How do you qualify for an SBA loan?
There are some basic qualifying criteria for an SBA loan, which includes:
Be a for-profit business
Meet the SBA’s size definition of a small business, which is defined by industry. Generally, a small business will have fewer than 1,500 employees and revenue under $38.5 million
Be located and do business in the United States
Have equity, sweat equity or a combination of both invested in your business
You are not seeking funding elsewhere while simultaneously pursuing an SBA loan
Our 3 Step Process:
Fill out our Quick Apply application.
2. We review your application
We review your goals and quickly present you with funding options meeting your needs
3. Receive funding
Get funded in a matter of days