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A Small Business Administration or an SBA loan is a small business loan that is partially guaranteed by the federal government (the Small Business Administration), which reduces some of the risks for the lenders.
Lenders appreciate SBA loan programs because the SBA shares some of the risks by guaranteeing a part of the loan amount. Because of that guarantee, lenders can offer more flexible payment terms and lower interest rates so most small businesses can qualify easily.
If you can qualify for SBA funds, then you should almost certainly consider it your very best option for business financing.
In this business blog, we will discuss in detail the different types of SBA Loans, their requirements, benefits, drawbacks, application information, and other things you may need to think about when considering an SBA loan.
The federal Small Business Administration (SBA) does not directly provide the loan. A lender provides the loan to the borrower, and the federal SBA guarantees a portion of the loan.
The SBA, in partnership with lenders, created guidelines to aid small business expansion and growth. Unlike traditional bank loans, SBA loans are specifically to help small and medium-sized business owners.
With some of the highest loan amounts, the longest-repayment terms, and the lowest interest rates available to small businesses, SBA loans are the unchallenged winner of small business loans.
If your business meets the following minimum requirements, then you should consider applying for an SBA loan:
For more detailed eligibility requirements, please fill up this application or call @ +1 (888) 528-0045 for more information.
Interest rates for SBA loans are the daily “Prime Rate”, which varies based on moves taken by the Federal Reserve, plus a private lender’s fee. The private lender’s fee is settled between the borrower and the lender and can result in either fixed or variable interest rates.
However, the SBA caps the maximum fee lenders can charge based on the size and maturity of the loan.
Qualification is based on what a business does to receive its income, the nature of its ownership, and where the business operates. Usually, businesses must meet SBA size standards, be able to repay, and have a sound business purpose.
Even those with bad credit may qualify for startup funding.
Here is a list of required documents to apply for a small Business Administration Loan.
We are a nationally-recognized, award-winning SBA Preferred Lender. We make decisions locally which makes the process quicker and easier.
The time it takes to get an SBA loan depends on several variables, including how quickly you can submit the necessary paperwork and information. The process is much quicker and more streamlined at Merchant Cash Advance 360 of our SBA Preferred Lender status, which gives us the authority to complete the entire loan process from start to finish.
Our team of small business experts is ready to assist you with your loan needs. Call us today: +1 (888) 528-0045. We also get to know your goals and offer a loan solution that best fits your needs.
The type of SBA loan you need depends on what you’re using the funds for and how much you want to borrow. To help make you understand better, we put together a list of five of the more common forms of SBA loans.