Small Business Administration (SBA) loans have some limitations that affect how borrowed funding can be used and also for maximum amounts that can be borrowed. In 2010, some temporary and permanent changes were made to several important SBA loan programs.
Popular SBA loan programs that were increased include:
• Micro-Loans – up from $35,000 to $50,000 maximum amounts
• Export Express – raised from $250,000 to $500,000
• 7(a) & 504 SBA Loans – increased limits from $2 million to $5 million
• Some of the 504 Certified Development Company (CDC) loans were capped at $5.5 million
• Export Working Capital – up to $5 million
• International Trade – up to $5 million
Another popular area of SBA loans is the Small Business Administration disaster recovery programs. These loans are available to business owners and homeowners to help recovery from catastrophic events like the recent damage caused by storms and tornadoes in the mid-central states. These loans cannot be made to compensate or repair damaged personal pleasure boats, RVs, private planes, or antiques and collectibles. Funding to repair some other items like landscaping or private swimming pools are also limited.
Business owners and others can access SBA loans through applications made on this UnsecuredBizLoan website. Our experts are experienced entrepreneurs who are able to help business owners find the right funding for their business purposes. Counseling and online training is also available from the SBA and others our company has connections with to help small businesses grow and succeed.
Small Business Administration Loans have an easier application process that makes getting funding for new businesses faster. By working with our company at UnsecuredBizLoan.com, you can utilize our network of approved lenders to access the right SBA loan to help make your dreams a reality. Consult with our mentors and advisors to determine the best solution to your financing requirements.
There are some limitations to an SBA loan that you need to be aware of. Certain uses of funds are not allowed, such as using a disaster loan to pay off debt. Some restrictions may apply if you are purchasing new equipment or expanding an existing business facility. The best path to take is to contact our business consultants at our website, 24/7 with questions.
To apply for funding for your small business, use the form on the right to begin the application process.