- Time to Funding: 1 - 6 Months
- Interest Rate: 5% - 8.5%
The SBA provides financing to small businesses when funding is otherwise unavailable on reasonable terms by guaranteeing major portions of the loans made to small businesses. Small SBA loans are generally unsecured or lightly secured loans that provide the lender with government guarantees of up to 90% (reducing the lender’s risk should a borrower default).
A small SBA loan is unsecured or lightly secured and ensured by the government. There are no restrictions on the number of small SBA loans you can get, except you can only have one community express loan.
SBA Loan Requirements
Generally speaking, a borrower must have good credit, an accurate business plan, up-to-date financial projections, and not fall under restricted business industries.
For more details on the different types of SBA Loan Programs, follow the links below: