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Is an SBA Loan right for me?

Millions of small businesses take advantage of these long-term, low-interest loans every year. These loans are offered through traditional banks and are backed by the government. This type of financing is available to small businesses when funding is otherwise unavailable on reasonable terms by guaranteeing major portions of the loans made to small businesses. Lendio offers three different SBA loan products: SBA 7a, SBA 504, and SBA Express.

SBA Loan Amount $35,000 - $5,000,000
SBA 7a Loan Amount $50,000 - $3,000,000
SBA 504 Loan Amount $250,000 - $5,000,000
SBA Express $35,000 - $250,000
Loan Term 25 years
Interest Rate Prime+
Payment Frequency Monthly
Time to Funds 30 days - 90 days
  • SBA financing up to 90%
  • Loan terms up to 25 years
  • Fixed and variable rate options
  • Lots of paperwork
  • May require collateral
  • There is a strict acceptance criteria

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When getting an SBA loan be prepared to give a pint of blood with it. This is your standard government red tape loan. There are standard size requirements, financial standing, and you must be in a for-profit industry. The borrower has to meet the SBA’s credit requirements and cannot be able to access other financing options that offer reasonable terms.

What is an SBA Loan?

The U.S. Small Business Administration (SBA) is a federal agency committed to supporting the growth and development of small businesses. The SBA does not personally provide the loans, however, they establish the guidelines for them and then guarantee a percentage of the loan, (in case of default) which minimizes the risk for their lending partners.

SBA 7a: can be used as a business acquisition, refinance, start-funds, equipment, buyout of a partner, as well as real estate.

SBA 504: is a purchase or construction loan only.

SBA Express: offers working capital and equipment. These can be pre-approved in less than 2 days.

What Types of Businesses Is It Good For?

Lendio offers several types of SBA loans for businesses in almost any for-profit industry. Loan amounts range from $35,000 – $5mm and are available for a wide variety of business purposes.

What are the Minimum Requirements?

The borrower has tried and cannot access capital elsewhere under reasonable terms. Generally, the borrower must have good credit, an accurate business plan, up-to-date financial projections, and not fall under any restricted business industries.

How Much Will an SBA Loan Cost?

SBA Loan Calculator

SBA loan interest rates are generally prime+, meaning an interest rate banks charge their preferred customers, or those with the highest credit ratings. The cost and repayment structure will also be dependent on the program you choose.

Why Use Lendio?

Lendio’s mission is to empower your small business by making small business loans simple through options, speed, and trust. Whether you are looking for an acquisition loan or an SBA loan, Lendio offers hundreds of different loan products from a variety of lenders. Finding out which business loan is best for you is why we’re here.

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More Reading

SBA 7a Loan

SBA 504 Loan

SBA Express

Trusted Lenders Who Offer This Product

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