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Get $500 to $5.5 million to fund your business. Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan.
- Investment Capital
The SBA doesn’t invest directly into small businesses, but...
- Microloans
SBA provides funds to specially designated intermediary...
- Covid-19 Economic Injury Disaster Loan
As of May 6, 2022, SBA is no longer processing COVID-19 EIDL...
- Lender Match
You can’t use an SBA-approved loan to flip a house. Credit...
- Buy an Existing Business Or Franchise
Buying an existing business is exactly what it sounds like....
- Grants
SBA does not provide grants for starting and expanding a...
- Investment Capital
The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. ... Learn how to make a payment on your SBA loan or check ...
MySBALoan Portal. MySBA. Loan Portal. A Web-based platform where SBA borrowers can view loan details, make payments, and access statements for COVID-19 EIDL, Disaster, or SBA-serviced 7 (a) loans. Register for MySBA.
People also ask
Can a SBA loan be used for a small business?
What is a SBA loan?
What are SBA loans & how do we make money?
What is a 7(a) SBA loan?
Mar 14, 2024 · Here’s a summary of the most common types of SBA loans. SBA 7 (a) loans. Up to $5 million. Working capital, expansion and equipment purchases. View details. SBA Express loans. Up to $500,000 ...
- Overview
- How to Apply for an SBA Loan
- Preparing to Apply for an SBA Loan
- Figure Out Which Type of SBA Loan Is Right for Your Needs
- Find a Lender in Your Area
- Connect With Lenders
- Choose Your Lender and Begin the SBA Loan Application Process
- Types of SBA Loans
- Alternatives to an SBA Loan
- How Do You Apply for an SBA Loan Online?
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If you’re exploring funding options for your small business, you can learn how to apply for an SBA loan. Rates and terms on SBA loans tend to be more favorable for borrowers than private business loans, and different types of SBA loans are designed to meet different business needs.
However, the application process is extensive, and can vary by lender. Applying for an SBA loan will require you to share documentation about your business finances and goals. If you can get through the tedious application process, an SBA loan can provide the funds to help you make improvements or scale your business.
Learning how to apply for an SBA loan can help you get through the process more easily.
Different types of SBA loans include the 7 (a) loan (the most common), the 504 loan, and a microloan.
SBA-approved lenders may have different application processes for their loans.
SBA loans are backed by the
, but facilitated through private lenders. Therefore, the process for applying can vary slightly depending on which financial institution you work with. In general, you can expect that the process of starting to apply will include:
Determining which type of SBA loan is right for your needs
Finding lenders in your area
If you’re considering applying for an SBA loan, you’ll need to identify your business goals, understand your finances and know how you’ll use the funds (and pay them back). You’ll also want to understand your credit status.
As part of the application process, SBA lenders will expect to see documentation or ask questions about all of those components. Some of the key documents you should expect to provide (for the 7 (a) loan in particular) include:
Income tax returns for the previous three years
Business overview and history with an explanation of why you need the SBA loan
If you are seeking a loan to buy an existing business, you may need:
Current balance sheet and profit and loss statement of the business being acquired
SBA loans are available to cover most business needs, from financing long-term fixed assets to
that provides operating capital. Once you fill out the SBA’s brief questionnaire, it should match you with one of the three main types of SBA loans:
7 (a) loan (the most common)
504 loan (long-term, fixed-rate loan to purchase assets)
to locate potential SBA-approved lenders near you. You’ll be asked to fill out a brief questionnaire and provide your ZIP code. You should expect an email with a list of potential lenders within two days.
About 800 financial institutions across the 50 states and U.S. territories are SBA-approved, so there will likely be options in your area.
When you're applying for business loans, shop around so you can get the best interest rates and the best match for your needs. Ask questions, get quotes, and compare loan terms and offers.
Once you decide to move forward, your SBA lender will explain exactly what it needs from you. The process may vary by institution, loan type, and loan amount, but you should expect to provide a good amount of documentation and answer questions about your business.
The application process may vary slightly depending on the type of SBA loan you are applying for. Here are more details about the process for applying for the three main types of SBA loans.
The most common type of SBA loan, 7 (a) loans can be up to $5 million and can be used for a variety of reasons including to refinance business debt, for short- or long-term working capital, to purchase equipment or furnishings, and more. Your lender can help you decide which type of 7 (a) loan best matches your needs.
The main qualifications for an SBA 7 (a) loan are that you have a for-profit small business, you can explain how you plan to use the loan, you do not have any debt delinquencies with the U.S. government, and you can demonstrate creditworthiness and ability to repay.
Expect to provide a slew of financial documents to the lender during the application process.
If you don’t think you’ll
qualify for an SBA loan
or if you want to explore other financing options for your small business, here are some other opportunities for business financing.
Small business loan with a private lender
Banks, credit unions and online lenders offer their own
, although you may face higher interest rates and more stringent requirements. Most will have requirements involving how long you’ve been in business, your business revenue, and credit score. The first step is to make sure you meet the minimum qualifications.
With an SBA-approved lender that offers an online application, you start the application process on its website. In addition to answering questions about your business and why you need the loan, you will be asked to scan and upload digital versions of your documents. You may also be able to e-sign parts of the application.
Mar 7, 2024 · The 7 (a) Loan Program, SBA’s primary business loan program, provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. 7 (a) loans can be used for: The maximum loan amount for a 7 (a) loan is $5 million. Key eligibility factors are based on what the business does to receive ...
Nov 2, 2023 · Choose the right SBA loan for your needs. 2. Determine if you qualify for an SBA loan. 3. Find an SBA lender. 4. Prepare your SBA loan application. 5. Submit your SBA loan application package.
