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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.
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.
Eligibility requirements. While the vast majority of businesses are eligible for financial assistance from SBA, some are not. Eligible businesses must: Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business.
SBA loan requirements typically include good credit, strong finances and at least two years in business. You'll also need to meet criteria set by the SBA.
How much do you need? See Your Loan Options. with Fundera by NerdWallet. We’ll start with a brief questionnaire to better understand the unique needs of your business. Once we uncover your...
SBA loans are available to borrowers who meet these requirements: Location: The business must be located and operated in the U.S. and controlled by a U.S. citizen or someone with lawful permanent...
Frequently asked questions. Key takeaways. SBA loans have set maximum interest rates, making them a flexible and affordable business lending option. It can take 30 to 90 days for SBA loan...
A Small Business Administration (SBA) loan is designed to help small businesses access the capital they need to grow or expand. Understanding how to apply for an SBA loan and what is required before you begin the process can save you time and increase your chances of success.
SBA loan requirements vary based on factors like the loan type and lender, but there are some key criteria to know before completing an SBA loan application. by Jake Safane. Last updated Nov 3, 2024. Whether you’re starting a new business or trying to scale an existing one, sometimes you need to borrow money to set the wheels in motion.
8. Business Plan. Show more. Taking out a business loan—whether to cover payroll or purchase inventory—can provide financing to help in difficult times, improve your cash flow or grow your...