When the need for a little extra cash arises, business owners have a few different options available for obtaining that cash. One of those options is a loan backed by the United States Small Business Administration. The SBA does not lend money directly to businesses and business owners but instead guarantees the loans to a certain extent.
Instead, the SBA works in conjunction with local financial institutions to create an atmosphere that promotes lending to small businesses. The benefit for business owners is a greater chance of getting approved for a small business loan since these loans are backed by the SBA and often more likely to get approved than a standard small business loan.
In order to qualify for the loan, certain requirements must be met by both the business and the business owner. To be eligible for SBA loans, the business needs to have been in existence for at least two years. The business owner needs to have a credit score of at least 680 with absolutely no derogatory items on the credit report.
When you are ready to apply for SBA loans for your business, you can do so right here through the Unsecured Business Loan website. Currently, new businesses are eligible for a SBA loan in the amount of $25,000 and already established businesses can apply for a SBA loan in the amount of $35,000. After submitting the application, approval results are available within 48 hours.
SBA loans can be used for any expenses or purchases that the business needs to make, just like with a regular small business loan. There are no restrictions on how the loan funds can be used, which means that the money can be used for everything from buying new equipment for the business to covering the costs of the annual holiday party. Regardless of how it is to be used, a SBA loan is a vital tool for small businesses everywhere.
To apply for funding for your small business, use the form on the right to begin the application process.