SBA – Your Best Loan Resource
SBA loans are simply loans that are designed for small businesses that are guaranteed by the Small Business Administration (SBA). They generally feature lower down payments and longer terms than most conventional loans.
Most businesses qualify. SBA loans are available for small start-up businesses as well as to those established generations ago. Successful expanding businesses are ideal candidates for SBA lending.
Compared to conventional financing SBA loans offer more flexible underwriting guidelines and terms. Loans range from 5 to 25 year maturities depending on the use of proceeds. They are designed to enhance the competitive position of America’s small business.
Surprisingly few businesses are considered “too big” for an SBA loan. Almost any business you can think of can be financed with an SBA loan. Loan proceeds can be used for inventory, equipment, real estate and in some cases can refinance existing debt. A unique feature of SBA loans is that they can provide term financing for working capital. SBA loans can also provide lines of credit.
The process to obtain an SBA loan is similar to any other commercial loan. Once a lender has all of the necessary information required to process the loan it is generally approved in a very short timeframe.
The best way to get started is to contact your lender and they will work directly with you to facilitate your business financial needs. They will assist you through every step of the process, answer questions, provide guidance and be an advocate for you and your small business. You are always welcome to contact us directly to discuss your SBA loan opportunities.