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You can use your SBA loan for…
SBA 7(a) loans from $30,000 – $350,000 from banks can be used for debt refinancing and working capital. Working capital includes operational expenses, marketing, hiring, etc. SBA loans can be used to fund new equipment purchases as well.
SBA 7(a) loans can also be used for refinancing existing business debt not secured by real estate (such as cash advances, business loans, and equipment leases).
SBA Commercial Real Estate loans from $500,000 – $5 million from banks can be used for the purchase or refinance of commercial real estate that is 51% owner-occupied.
What Is An SBA Loan?
An SBA loan is a government-guaranteed small business loan that has a long-term and a low-interest rate. The Small Business Administration (SBA) is the government agency that partially guarantees SBA loans and was founded in 1953 to support small business owners across the United States.
The most common misunderstanding about these loans is that the agency lends money directly to small businesses. However, the agency typically does not make direct loans. The SBA provides a guarantee on the loan, promising to reimburse the bank for a certain percentage of your loan if you default on that loan. This guarantee lowers the risks to banks and other lenders, encouraging them to offer these loans to more American small businesses. Many banks and other financial institutions offer SBA loans, but their process, requirements, and fees can vary.
Where Can I Apply For An SBA Loan?
In the not-so-distant past, small business owners had one option when looking to apply for an SBA loan—walking into a bank. However, many businesses might not know that while one bank may say ‘no’, another bank will say ‘yes’ to the same potential borrower. Technology can now help small businesses find an SBA loan provider online that is a good fit. In fact, BizLender has access to the first online network of Preferred SBA lenders for small businesses. With multiple banks with varying credit requirements on our platform, we’ve been able to help many applicants successfully apply for an SBA loan who were initially rejected by their local banks. Rather than spending your time going from bank to bank, BizLender can help you successfully apply for a loan quickly and efficiently. Fill out our application to see which option best suits your business needs.
After Applying, How Long Does It Take Before I Know If I Am Approved?
BizLender can approve you for Accounts Receivable Financing in as little as 24 hours after we receive your application and required documents.
My experience with BizLender has been very pleasant. They are very professional and keep in touch with you through their process of your loan. Thanks for the updates.
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