SBA Loan
Partially Guaranteed by the Government, An SBA Loan offers great rates if your Business Qualifies.
Partially Guaranteed by the Government, An SBA Loan offers great rates if your Business Qualifies.
An SBA Loan, is business funding that is guaranteed by the Small Business Administration. Although the SBA does not lend money directly to business owners. It partners with lenders and banks to make it easier for small business owners to get loans. Through SBA loans you can qualify for funding from as little as $500 to as much as $5.5 million. There are different type of SBA loans and your personal Funding specialist will go through each and every one with you, so can chose the one that fits your needs.
If you have great credit, you will benefit from this type of loan as it offers reasonable terms and conditions and has the most competitive rates in the market. Access to additional long-term capital for your company. This will allow you to successfully plan future company growth. You may qualify for an SBA Loan even if you have ben denied for traditional loans. Resource centers available to provide you with assistance. Low down payments, and no collateral needed for some loans. 
Borrowers in most cases may need to make a 10% to 20% down payment to secure an SBA loan. Collateral may be required. Slow approval process. An SBA loan application process can take a little over two months for an approval. You will be legally responsible for repaying the debt in full if your business defaults on the loan. You will typically need a personal FICO Score of at least 680 or more in order to submit a loan application. 
Your business must be a for-profit and in an eligible industry. The business must be located and operated in the U.S. and controlled by a U.S. Citizen or a lawful permanent resident. Borrowers must have sufficient invested equity in the business and operate on a sound financial basis. Only small business can qualify and size requirements depend on the industry, number of employees or average annual receipts. Other requirements such as providing: Articles of organization, Business licenses, borrower information, percentage or ownership, criminal background, lawsuit, judgement or bankruptcy information. Income tax returns for the last three years, business financial statements and more. Your dedicated Funding specialist will be happy to provide you with the information you will need to see if an SBA loan is the correct option for you and your company.