SBA Loan Overview
Average Loan Amount
$50K - $5M
&
Loan Term?
5 - 25 Years
What is an SBA Loan?
Put simply, an SBA loan is a small business loan that is partially guaranteed by the government (the Small Business Administration), which eliminates some of the risk for the financial institution who is issuing the loan.
Therefore, it is not the SBA who is doing the lending. The SBA works with a network of approved financial institutions that lend money to small businesses more frequently and with better terms since the SBA partially guarantees the loans that these lenders extend to small businesses.
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This means that the government will back up a portion of the loan that a small business receives, so if you’re unable to pay back your SBA loan, the lender knows that the SBA will cover the portion that they guaranteed.
How to Apply for an SBA loan
STEP 1
Get Pre-qualified
To get pre-qualified for an SBA loan, click the "Apply Now" button and enter general information about your business.
STEP 2
Await Approval
Once processed, one of our Business Consultants will contact you to discuss the available options for which you qualify.
STEP 3
Receive Funding
Once approved and the offer is accepted, the funds will be directly deposited into your bank account, allowing you immediate access to capital
Documentation and Qualifications for SBA Loans
Documentation Needed:
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Application
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3 Months Business Bank Statements
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3 Years Business Tax Returns
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3 Years Personal Tax Returns
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Business Profit & Loss Statements
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Business Balance Sheet
Qualifications:
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$100,000 minimum annual revenue
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3+ years in business
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650+ credit score
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145+ Business Score
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No Bankruptcies, Outstanding Liens or Judgements
Here's what other business owners are saying...
SBA Loans: Pro Vs Cons
SBA Loan advantages
SBA loans typically require less upfront investment compared to traditional business loans, increasing accessibility for startups and small enterprises.
Due to government backing, SBA loans often feature lower interest rates than those offered by conventional bank loans, making financing more affordable for small businesses.
SBA loans offer versatile options for how businesses can use the funds, from augmenting working capital to purchasing real estate or equipment.
Specifically designed for entities that might struggle to meet traditional lending criteria, SBA loans provide crucial financial support to businesses lacking collateral or extensive financial history.
SBA Loan disadvantages
Securing an SBA loan involves a detailed and lengthy application process that requires extensive documentation, adding complexity to securing funding.
Although accessible, SBA loans have rigorous criteria, including credit score requirements, financial history analysis, and comprehensive business plans.
Borrowers may encounter various fees with SBA loans, such as guarantee fees and packaging fees, and in some cases, prepayment penalties.
The thorough vetting process required for SBA loans means that it can take longer to access funds compared to alternative fast funding options like quick business loans or immediate business funding.
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Studies About Businesses Like Yours
Our representatives share stories of businesses they've helped secure funding for and discuss the lasting impact on their growth and future.