SBA Loans

The Small Business Administration serves to help American small businesses get ahead and support their local economies. It’s often hard for small businesses to get the financing they need from banks and other traditional lenders. These institutions can require high personal credit scores and substantial cash flow to qualify.

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• Understanding

SBA Loans

If you qualify as a small business, making $15M or less in annual revenue, you can apply for a loan backed by the SBA. There are several financial tools offered, but the most common loans are the SBA 7a and SBA 504 loans. Each offers different loan terms and has different uses.

Both SBA loans can be used for real estate, construction, and equipment. However, only the SBA 7a loan lets you borrow working capital. Most 7a loans have a variable interest rate and a minimum 10% down payment. SBA 504 loans have a fixed interest rate with a 10% minimum down payment. Ask your broker for details.

• How to effectivly use

SBA Loans

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SBA loans help small businesses afford commercial real estate, equipment, and construction. However, they can also be used for working capital, refinancing, renovations, and business acquisitions. The way you use them depends on what your needs are. It pays to explore both the 7a and 504 loans, even if both can provide the loan you’re looking for.

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As an example, both SBA loans can help you afford new commercial real estate. However, the 7a loan will let you add financing for working capital, renovations, or buying a business to the same loan. If your business has multiple partners, you can protect asset-rich partners by using a 504 loan. With a 504 loan, lenders can’t seek a lien against outside collateral. Your broker can help you navigate these differences and more. Reach out today.

Real Estate

Every business needs a place to use for operations, to house personnel, store inventory, and build equity. But for small businesses, it can be hard to qualify through a traditional lender. SBA loans make it easier to handle the upfront cost of commercial real estate, even if you have a low credit score.

Construction

Whether you need headquarters for your small business or want to build an investment property, an SBA loan can help. With an SBA 7a loan, you can add funds for working capital or renovations. Get $5M or more when you apply for an SBA 7a loan through our knowledgeable brokers.

Equipment

SBA 7a and 504 loans can both be used to finance equipment for your small business. Get financing for up to 10 years at a fixed or variable interest rate. A minimum 10% down payment is required and interest rates are capped by the SBA. Let the SBA help you finance your next equipment purchase.

Advantages

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Get funding, even with bad credit

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Interest rates are capped by the SBA

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Fixed and variable rates are available

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Combine loan types for complete financing

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F.A.Q’s

Q. Can I apply for a loan directly with the SBA?

While the SBA backs loans, it doesn’t loan to businesses directly. To apply, you’ll need to find a private lender or a non-profit CDC certified to work with the SBA. Speak with a broker to get connected to the best lender near you.

Q. When is an SBA loan not a good fit?

Certain types of businesses aren’t eligible for SBA loans. These include nonprofits, casinos, rare coin dealers, and religious organizations. If your business type isn’t on the list of eligible businesses, your broker can help you access alternatives.

Q. Am I eligible for an SBA loan?

Most small businesses will qualify for SBA loans. To be considered a “small business,” you must have $5M or less in annual revenue and $15M or less in total assets. As long as you’re free from overdue federal debt and federal criminal convictions, you should be able to find an SBA loan to suit your needs. Ask a broker to help you put together an application today.

Q. How do I get an SBA loan?

To get an SBA loan, you’ll need to find a lender that works with the SBA. Then, you’ll need to apply and submit supporting financial documents. Incomplete information can lead to delays or a denial of your application. To increase your chances of being approved, ask a broker to help you put together a complete application packet.

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Let's Explore Your Funding Needs.

Our team is here to answer any questions and provide personalized guidance for your business’s financing needs. Whether you’re exploring options or need assistance with the application process, we’re just a message away. Reach out today and let us help you find the best financial solution for your business.