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Type of SBA loan. Description. 7(a) loan. Most popular SBA loan, used for general purposes, including working capital, equipment and real estate. 504 loan
Loan type. Purpose. Best for. Term loans. Working capital and other short- and long-term business expenses. Businesses with expenses of varying sizes that need to be covered
Many small business lenders check your personal credit score when you apply for a business loan, especially online lenders and those who work with startups, since many small businesses getting ...
SBA loans are business loans that are partially guaranteed by the Small Business Administration. Because SBA loans offer repayment terms of up to 25 years, self-employed borrowers can stretch out ...
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
Many banks also offer loans backed by the U.S. Small Business Administration. As of April 2024, SBA loans have interest rates between 11.50 to 16.50 percent, and you can secure loan amounts up to ...
The 2023 Small Business Credit Survey found that 44 percent of businesses rely on large banks when applying for business loans, while 28 percent use small banks.
Banks typically require a credit score of at least 670 for a small business loan. Bad credit and subprime borrowers may have better luck applying for a loan with online or alternative lenders.