An SBA Loan is designed to help a new business grow, expand and thrive, or it can be used for a financial boost to benefit a start-up business. It is offered with less of the red tape and regulations than you would find with traditional business loans. The reason for this is that SBA loans are government backed and intended to help the economy of local regions. The government recognizes that many small business owners may not have the financial history to qualify for and obtain those traditional loans. You can apply for an SBA Loan directly from our website.
Many SBA Loans also are designated for special needs of minority, military or women-owned businesses. Special SBA Loans are ready to help persons who have had businesses or home devastated in recent disasters, such as happened recently in tornado stricken regions of America. The qualifications are specific but relatively easy to satisfy by most small business owners. Having a good credit history is not necessarily a requirement with some SBA programs.
The main purposes for SBA Loan funding include the following projects:
- Business start-up – funding for working capital, supplies and machinery
- Business acquisitions
- Business growth, operation and expansion
- Disaster recovery – business and homeowners can qualify
- Military loan – streamlined programs for veterans, military personnel, disabled veterans and military spouses
- Micro-loans – special, smaller funding
- Job creation – especially in economic areas targeted for development
- Exporting to a global market
- Equipment purchases
Some typical business micro-loans are used for special businesses like not-for-profit child-care centers or community organizations that can benefit from access to smaller funding amounts under $50,000. Funds may be restricted; for example, micro-loans cannot be used to pay debts or buy real estate but they can be used for working capital and purchase of necessary items like supplies, inventory, furniture or equipment. Much larger funding up to $5 million is available to small businesses
Within these categories, the SBA works with local banks and approved lenders to offer SBA Loans in your geographic region. Interest rates are very advantageous and application is very easy.
To apply for funding for your small business, use the form on the right to begin the application process.