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SBA loan overview
- Types of SBA loans: 7(a) for working capital, 504 for real estate, or Microloans for startups.
- Merchants must meet both SBA and lender requirements to access funds.
- Start the process by filling out an application and providing all necessary documents.
- Expect an application turnaround time of 5-10 business days from the SBA.
- Loan amounts for SBA loans range from $500 to $5 million, accommodating various business needs.
- Repayment terms vary based on the purpose of the loan.
How are SBA loan rates determined?
SBA loan rates are influenced by several key factors:
- Prime rate: Influences borrowing cost. Higher prime rate means higher SBA loan rates.
- Loan size and term: Longer terms or larger amounts mean slightly higher rates, due to perceived risk.
- Time in business: Longer operations suggest lower risk, potentially qualifying for lower rates.
- Creditworthiness: Strong credit, profits, and lower debt lead to better rates.
Who qualifies for SBA loans?
Here are the key considerations for SBA eligibility:
- For-profit business: Must be a legally operating business with profit as the objective.
- Size standards: Must meet SBA size standards relevant to your industry and location.
- Creditworthiness: Demonstrate the ability to repay the loan.
- Credit inaccessibility: Must show the inability to get a loan on reasonable terms from non-SBA sources.
- Use of funds: Loan proceeds must be directed towards a legitimate business purpose.
When to choose and avoid an SBA loan
- Need competitive rates? SBA loans offer attractive terms for businesses with strong credit.
- Starting up or expanding? SBA loans fuel growth for new ventures and established businesses.
- Long-term vision? SBA loans provide flexible repayment for larger projects.
- Need cash fast? Look elsewhere - SBA applications take time.
- Small loan needed? Fees might outweigh benefits for very small amounts.
- Credit below average? SBA loans may come with high rates or denial.
How we can assist you with your SBA loan
- Expertly crafted applications: We ensure accuracy & completeness for faster processing.
- Cut the paperwork: Let us handle the application, saving you valuable time.
- Boost approval odds: We highlight strengths & address weaknesses for success.
- Focus on your business: We navigate the complexities, you focus on growth.
- Dedicated support: Ask us anything, every step of the way.
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