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Ten Frequently-Asked Questions about SBA Loans
1. What is the purpose of the Small Business Administration (SBA)?
Congress created the Small Business Administration in 1953 to help America’s entrepreneurs form successful small businesses. The SBA enables its lending partners to provide financing to small businesses on reasonable terms by guaranteeing major portions of loans made to small businesses.
2. Do I qualify for an SBA loan under the current guidelines?
Yes... if your business is:
3. What are the advantages of an SBA loan?
The SBA loan program offers:
4. What purposes can I use an SBA loan?
You can finance:
5. What are the loan amounts and interest rates charged?
Our lending experts can make it easy for you to obtain the funding you need. We offer:
6. Do I need to put up collateral to obtain an SBA loan? What is eligible?
Yes... Eligible collateral includes personal and/or business real estate; equipment, inventory, and accounts receivable; and personal guarantees of all major stockholders (20%+).
7. How long can I take to repay an SBA loan?
The following applies for repayment terms:
8. What would disqualify me for the SBA loan program?
If any of the following items apply to you, it will not be possible for you to obtain an SBA loan. However, there may be other reasons than listed below that would preclude you from obtaining an SBA loan, e.g., your business doesn’t qualify as a small business. If you’re unsure, call or e-mail a lending expert today.
Listed below are guidelines that could disqualify you for SBA financing:
9. How do I apply for an SBA loan?
Applying for an SBA Loan is easy, simply:
10. What else do I need to begin the loan process?
Along with the completed loan application, please mail the following to our office:
- What is the purpose of the Small Business Administration?
- Do I qualify for an SBA loan under the current guidelines?
- What are the advantages of an SBA loan?
- What purposes can I use an SBA loan?
- What are the loan amounts and interest rates charged?
- Do I need to put up collateral to obtain an SBA loan? What is eligible?
- How long can I take to repay an SBA loan?
- What would disqualify me for the SBA loan program?
- How do I apply for an SBA loan?
- What else do I need to begin my loan?
1. What is the purpose of the Small Business Administration (SBA)?
Congress created the Small Business Administration in 1953 to help America’s entrepreneurs form successful small businesses. The SBA enables its lending partners to provide financing to small businesses on reasonable terms by guaranteeing major portions of loans made to small businesses.
2. Do I qualify for an SBA loan under the current guidelines?
Yes... if your business is:
- A For-Profit Organization (other loan programs are available for non-profit organizations)
- Independently Owned
- Not Exceeding the Following Maximum Size Standards
- Manufacturing…varies by industry from 500 to 1,500 employees
- Wholesale…up to 100 employees
- Service…varies by industry from $5.0 million to $25 million in revenue
- Commercial Real Estate
- Must be 51% occupied by your business if you are purchasing the building
- Must be 60% occupied by your business if you are constructing the building
3. What are the advantages of an SBA loan?
The SBA loan program offers:
- Up to 90% Loan to Collateral Value
- Longer Repayment Periods—up to 25 Year Terms for Real Estate
- No Prepayment Penalties for Loans up to 15 Year Terms
- No Balloon Payments
4. What purposes can I use an SBA loan?
You can finance:
- Working Capital
- Inventory Purchase
- Machinery & Equipment
- Furniture & Fixtures
- Commercial Real Estate
- Purchase
- Improvements
- Construction
- Any combination of the above can be made as one loan
- Acquisition of an existing business
5. What are the loan amounts and interest rates charged?
Our lending experts can make it easy for you to obtain the funding you need. We offer:
- SBA and Non-SBA Loans from $5,000 to $10,000,000
- Negotiable rates
- Adjustable and fixed rates
- Interest rates vary depending on the type of SBA loan you are applying for.
6. Do I need to put up collateral to obtain an SBA loan? What is eligible?
Yes... Eligible collateral includes personal and/or business real estate; equipment, inventory, and accounts receivable; and personal guarantees of all major stockholders (20%+).
7. How long can I take to repay an SBA loan?
The following applies for repayment terms:
- Working Capital & Inventory—up to 7 years
- Machinery & Equipment—up to 10 years
- Commercial Real Estate—up to 25 years
- A loan that combines two or more of the above purposes will have a weighted average maturity.
8. What would disqualify me for the SBA loan program?
If any of the following items apply to you, it will not be possible for you to obtain an SBA loan. However, there may be other reasons than listed below that would preclude you from obtaining an SBA loan, e.g., your business doesn’t qualify as a small business. If you’re unsure, call or e-mail a lending expert today.
Listed below are guidelines that could disqualify you for SBA financing:
- I am not a U.S. citizen and do not have an alien registration card.
- I do not independently own My business (the business has other owners who will not be part of the application).
- I own a not-for-profit business.
- My business exceeds the SBA size standards.
- My business (or proposed business) is engaged in gambling activities.
- I am currently on parole or probation.
- My loan would allow for speculation in any kind of property.
- My business engages in lending.
- My business is not available to the general public (enforces restrictive patronage).
- My business or I have defaulted on a previous Federal Government debt (including student loans).
9. How do I apply for an SBA loan?
Applying for an SBA Loan is easy, simply:
- First, Pre-Qualify by calling us at 866-992-2066.
- If you qualify, we will send you an SBA Loan Application. Complete it, and return it to our offices along with the applicable financial information.
- Call 866-992-2066 at anytime to discuss your loan request or to obtain a loan package.
10. What else do I need to begin the loan process?
Along with the completed loan application, please mail the following to our office:
- Current company financial statement--less than 45 days old
- Previous 3 years company financial statements and tax returns
- Personal financial statements and previous 3 years tax returns from all major stockholders (20%+)
Need an SBA Loan? Get Started Now
For immediate assistance, call us directly at 866-992-2066 Monday-Friday 8:00 A.M. to 6:00 P.M. - Or, fill out the information form to the right and a business loan consultant will call you within 24 hours to discuss your needs at No-cost and with No-obligation.
For immediate assistance, call us directly at 866-992-2066 Monday-Friday 8:00 A.M. to 6:00 P.M. - Or, fill out the information form to the right and a business loan consultant will call you within 24 hours to discuss your needs at No-cost and with No-obligation.
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