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The SBA program allows lenders to make loans for those businesses that may
not otherwise qualify for a cash advance loan, equipment loan, startup loans, or other conventional bank
loans. The federal Small Business Administration (SBA) partially guarantees
loans to reduce lenders' financial risk.
The federal Small Business Administration (SBA) does not directly provide the loan. Rather, a lender provides the actual loan to the borrower and the federal SBA guarantees a portion of the loan.
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. SBA loans usually require a lot of time,
energy, attention, and documentation.
The type of SBA loan you need depends on what you're using the funds for and how much you want to borrow.
Eligibility 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 size standards, be able to repay, and have a sound
Even those with bad credit may qualify for startup funding. The lender will provide you with a full list of eligibility requirements for your loan.
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.
Merchant Cash Advance 360 is a nationally-recognized, award-winning
SBA Preferred Lender. We make decisions locally, making the process quicker
and easier. We’ll also get to know your goals and offer a loan solution that best fits your needs.
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 because 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.
To qualify, you should be in business for at least six months & have a minimum of $50,000 in annual revenue.