SBA Loan

GET APPROVED FOR UP TO
$500,000
WITH A FEW EASY STEPS!

Qualification Requirements
*Been in business for atleast 6 months
*Have at least $10,000 a month in deposits

Get Started Today!

GET APPROVED FOR UP TO
$500,000 WITH 3 EASY STEPS!
Qualification Requirements: Been in business for atleast 6 months & Have at least $10,000 a month in deposits
Get Started Today!

Applying will not affect your credit score

Applying will not affect your credit score

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EASY APPROVALS

With minimal paperwork

FAST FUNDING

For quick access to capital

FLEXIBLE TERMS

That are unique to the nature of the business

Seal_of_the_United_States_Small_Business_Administration

SBA Loan

The Small Business Administration’s (SBA) is a federal agency and its main purpose is to help small business owners have a higher rate of success in staying afloat during any difficult financial times that they may be having. They do this by helping small business owners apply for loans that are offered by outside financial agencies, they don’t lend funds themselves. The SBA acts as a guarantor of certain loans, guaranteeing a certain percentage of the loan to incentivize lenders. Because of this, they are considered to be the best place to begin for a first-time borrower if the business owner can qualify.

Who qualifies for an SBA loan?

To qualify for an SBA loan, your annual business revenue should be over $180,000. You should have a minimum credit score of 680, and your business should be in operations for a minimum of four years.

Educational Programs Are Available

The SBA has special educational programs that can help small business owners meet specific goals that they are trying to achieve. What makes these programs different is that the lenders who offer them are willing to work directly with the borrowers that qualify for them to give them the extra education and training that they need to succeed. Two examples of this can be seen by taking a look at their rural initiative pilot program or some of the veteran business resources that they offer.

Applying for an SBA loan is a lengthy and cumbersome process but offers great terms

Applying for an SBA loan takes longer than most any other kind of loan. There’s also a lot more paperwork involved. Depending on the financial institution, it can take several weeks or months for a loan application to be satisfactorily completed, processed, approved, and funded. Along with the application to fill out, there’s government forms to complete and documents to get together. Once you’ve checked your eligibility and have chosen a program and lender, you’ll need to get the following documents together:

How much your business wants to borrow
Details of how your business plans to use the funds
Financial projections for the next twelve to thirty six months
Cash flow statement
Current profit and loss (P&L) statement
Current balance sheet
Two years of business tax returns
Two years of personal tax returns from all owners
Personal financial statements for each business owner
Resumes of each owner
A business plan
Proof of ownership
Business licenses and leases

SBA Loans are not a grant and must be paid back

The SBA’s only job is to match people up with lending agencies who are willing to work with small business owners who need extra capital for specific aspects of their business, such as establishing product lines or purchasing new equipment. Because of this, only businesses who are financially able to pay back a loan will be able to qualify for one through an SBA lender.

Poor Credit Scores Don't Always Matter

Interest rates that are offered for SBA loans are comparable to those from regular banks. There are usually no special introductory offers that a person can get started with. Those who have the highest credit scores will most likely get loans with the lowest interest rates. This doesn't necessarily mean that a business owner with a poor credit score doesn't have a chance to qualify for financial help for their company. It just makes the processes much lengthier and results aren’t guaranteed in the end.

If you enjoy getting the respect that you deserve as a successful business owner who has an immediate need for cash, a merchant cash advance may provide exactly what you want.