The Small Business Administration (SBA) loan programs give small-business owners access to loans with very favorable conditions. The loans are provided by banks, but are partially guaranteed by the SBA. The government guarantee makes the loans less risky for lenders so that they, in turn, can give you better rates than you could get with a conventional loan. In short, SBA loans are a great way to grow your business. Look at all the benefits:
Greater access to financing
SBA loans may be available to small businesses that would otherwise not be able to obtain loans, including businesses in underserved communities. A startup company, for example, may be eligible for an SBA loan even if it does not have enough of a history to qualify for a traditional loan. A company without enough collateral to qualify for a traditional loan may also be eligible for an SBA loan.
The Small Loan Advantage Program and the Community Advantage program, which are two new loan programs sponsored by the SBA, require only a two-page application form. You application is submitted electronically and may be approved within minutes.
The amount of time you have to pay back an SBA loan may be as long as 25 years. The longer the term of the loan, the lower your monthly payments will be. Lower payments free up more money to use to run and grow your business.
Other benefits include lower down payments and flexible repayment options.
The SBA loan programs are designed to help small businesses flourish, and the loans are tailored to the needs of entrepreneurs and small-business owners. To apply for funding for your small business, use the form on the right to begin the application process.