Financed by the US Small Business Administration (SBA), small-business loans are issued by accredited lenders, such as banks and credit unions.
These loans come with low interest rates and extended payment periods, and can be used for a variety of business related expenses.
The SBA 7(a) loan is the most sought after option, and can be acquired for up to $5 million and with a repayment plan of 25 years.
In order to be eligible for an SBA loan, you need to have a decent credit score (generally 690 or higher, however some SBA lenders may have lower requirements), sound financial background, and be in business for a few years.
It is important to note that the application process is time consuming and slow, so you must be patient while waiting for the funding to come through.
- Loan amounts: $30,000 to $5 million.
- Approximate APR range: 9.75% to 12.25%.
- Best for: Big one-time and long-term investments, purchasing equipment or real estate, buying existing businesses and refinancing debt.
Interested in a small business loan?
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