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SBA Loans: How to qualify and apply

Features

Amount: $10k - $10MM

Interest Rate : 6% - 10%

Term of loan: 2 - 25 years

Time to funding: 3 days - 2 months

Requirements

2+ years in business

650+ credit score

$8k+ gross monthly revenue

7 years without bankruptcy

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What is an SBA Loan?

SBA Loans are often the most affordable financing option for small business owners. Because the loan is backed by the federal governments, SBA Loans will have higher approval amounts, lower interest rates, and longer payback periods that other traditional forms of business financing.

Pros
Low interest rates
Flexible use of proceeds
Long payback terms
Cons
Longer approval process
Strict approval standards
More required paperwork

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