The SBA’s primary program for providing financial assistance to small businesses. Terms and conditions may vary by loan type.
The ideal option for business financ.ing due to low interest rates
How SBA funding works
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Merchants must meet the requirements set forth by the SBA and the lender
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Application turnaround time from the SBA is 5-10 business days
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Funding amounts available up to $5,000,000
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Maximum terms vary depending on loan purpose (e.g., up to 25 years for real estate, up to 10 years for equipment, etc.)
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Rates are based on
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Market Prime Rate (MPR)
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Loan size and term
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Time in business
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Credit profile, overall profitability, and existing debt
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Questions
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What do you intend to do with the funds from an SBA 7(a) loan?
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How quickly do you need funding?
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Do you have existing debt on your balance sheet?
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Required documents
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Application with basic details about the business and merchant
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Business financial statements, such as balance sheets, profit and loss statements, and projected financial statements
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Loan application history
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Income tax returns
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Etc.
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Good to know
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Long repayment terms, low interest rates, and no prepayment penalties make the SBA 7(a) loan a great option
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Loans can be used for a variety of purposes, including working capital, business expansions, or purchasing equipment and supplies
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Additional SBA loan types are available depending on your needs