The ideal option for business financing due to low interest rates
1
How funding works
- Merchants must meet the requirements set forth by the SBA and the lender
- Application turnaround time from the SBA is 5–10 business days
- Funding amounts available up to $5,000,000
- Maximum terms vary depending on loan purpose (e.g., up to 25 years for real estate, up to 10 years for equipment, etc.)
2
Rates are based on
- Market Prime Rate (MPR)
- Loan size and term
- Time in business
- Credit profile, overall profitability, and existing debt
3
Ask Yourself
- What do you intend to do with the funds from an SBA 7(a) loan?
- How quickly do you need funding?
- Do you have existing debt on your balance sheet?
4
Required documents
- Application with basic details about the business and merchant
- Business financial statements
- Loan application history
- Income tax returns
- Etc.
5
Good to know
- Long repayment terms and low interest rates
- Loans can be used for many purposes
- Additional SBA loan types are available