The U.S. Small Business Administration exists to provide support and assistance to small businesses all across the country. The SBA offers its services in the form of advice for start-ups, training programs and loans.
Getting a Loan as a Small Business
Most business require financing from time to time. To obtain the capital they need, businesses usually apply for business loans. However, many banks and credit unions are skeptical about offering loans to smaller businesses. Because a small business is typically perceived as a greater lending risk, lenders who do agree to provide a loan may charge a higher interest rate or refuse to offer the full amount of requested financing.
About SBA Loans
SBA loans are loans offered to small businesses to help defray the costs of starting a new business or operating an existing one. The SBA does not actually offer loans itself. Instead, the SBA backs loans provided by other lenders. If you secure one of these loans and are unable to pay it back, the SBA promises your lender that it will cover the cost of your loan.
This extra security motivates the lender to offer loans to small businesses without raising the interest rate to an unreasonable level. SBA loans are available to small businesses in the start-up phase, as well as to small businesses that are well-established. Qualifying for an SBA loan is easier than qualifying for a regular loan because the credit and income requirements are less restrictive.
Obtaining an SBA Loan
To obtain an SBA loan, you must first find a lender who offers loans backed by the SBA. Fortunately, finding a lender is easy when you use UnsecuredBizLoan.com. Simply complete our easy online application and we will connect you with the lender that is best for you. You will not have to pay a fee to apply, nor will you be obligated to follow through with the loan if you are approved. There is absolutely nothing to lose, so get started today!
To apply for funding for your small business, use the form on the right to begin the application process.