What is an SBA Loan?
An SBA loan is a small business loan partially guaranteed by the U.S. Small Business Administration (SBA), an agency that aids entrepreneurs and small enterprises. These loans are provided by participating lenders, usually banks, and are designed to help businesses that may not qualify for traditional financing. SBA loans can offer lower down payments, longer repayment terms, and easier qualification criteria compared to conventional loans, making them an attractive option for many small businesses.
Minumum Requirements for an SBA Loan
To qualify for an SBA loan, businesses must meet certain criteria, including being classified as a small business, having been operational for a specific period, demonstrating profitability, and possessing a strong credit history.
What Documents Are Needed To Apply?
Voided Business Check
Profit and Loss Statements
Business Tax Return
Personal Tax Return
Business Debt Schedule
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Types of SBA Loans
There's an SBA loan solution to cater to virtually every facet of your small business, with popular options including the 7(a), 504, and SBA Microloan programs.
Apply for an SBA Loan in as little as 10 minutes.
1. Complete your application
Answer a few question about your business and your personal loan preferences so we can match you to the lender offering the best rates and terms for your needs.
2. Speak to our underwriter
Meet your personal underwriter here to ensure we have all the documents and information we need to ensure we get you the best options for your business in the shortest amount of time.
3. Review your loan options
Check out the loan options available for your business, choose the one that makes the most sense for you at this time
4. Receive funds
Once you decide what works best, we'll have the capital in your account in less than 24 hours
Benefits of an SBA Loan
Take advantage of competitive interest rates to save on costs.
Benefit from reduced down payment requirements—no down payment for 7(a) loans $350,000 and under, and a mere 10% for 504 SBA loans.
Leverage the government-backed guarantee to secure larger loan amounts.
Refinance higher-cost loans that have contributed to your business credit growth.
Why Use Lendtek for your SBA Loan?
$100M Funded to Small Businesses Throughout the US
75+ Lenders in our marketplace
5000+ Loans Funded over 9 years