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When you’re ready to apply for a loan to buy a business, follow these steps to help make the process more seamless: 1. Determine if you’re eligible for funding.
SBA 7(a) loans can be used for short- and long-term working capital, refinancing existing business debts, purchasing new machinery and equipment, acquiring supplies or other purposes to improve ...
SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
Loan type. Typical amount. Purpose. How it works. Term loan. $1,000 to $1 million. Highly versatile; can be used for equipment, real estate, working capital and more
To get an SBA loan, you apply through an SBA-approved lender. This will require extensive documentation, including personal and business financial statements, a business plan and SBA-specific ...
The SBA offers several types of business loans, but the SBA 7(a) loan is the most common option that can be used for a variety of purposes. Most SBA loans require collateral, but you can get ...
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