SBA helps small businesses get loans
The U.S. Small Business Administration (SBA) helps small businesses obtain funding through different types of loans. We back traditional loans made by banks and make direct loans for disaster recovery. SBA also offered specialized COVID-19 relief programs through the end of 2021. For small businesses that need funding, SBA works with lenders to provide loans to provide traditional loans. We do not lend money directly to small business owners, unless the business is located in a declared disaster area. Instead, we set guidelines for loans made by our partnering lenders, community development organizations, and micro-lending institutions. SBA reduces risk for lenders, which makes it easier for small businesses to get loans.
Benefits of SBA-guaranteed loans
Competitive terms: SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans.
Counseling and education: Some loans come with continued support to help you start and run your business.
Unique benefits: Lower down payments, flexible overhead requirements, and no collateral needed for some loans.
Protect yourself from predatory lenders by looking for warning signs. Some lenders impose unfair and abusive terms on borrowers through deception and coercion. Watch out for interest rates that are significantly higher than competitors’ rates, or fees that are more than five percent of the loan value. Make sure the lender discloses the annual percentage rate and full payment schedule. A lender should never ask you to lie on paperwork or leave signature boxes blank. Don’t get pressured into taking a loan. Survey competing offers and consider speaking with a financial planner, accountant, or attorney before signing for your next loan.
3 Simple Steps to Fund Your Small Business
CONTACT YOUR ACCOUNT
Your dedicated account manager gets in touch to work with you on your personalized funding request.
Your account manager will guide you through your application process.
WITHIN 24HRS - 72HRS*
We send your funds straight to your account.
*DEPENDING ON LOAN TYPE
*AFTER APPLICATION ACCEPTANCE
Our dedicated team is here to guide you through the entire process and answer any questions you might have. We are committed to helping you get the best funding solution for your business.