SBA loans are easier to qualify for than traditional bank loans, but regardless, you’re still working with a bank. Even with the government guaranteeing a portion of SBA loans, the process is still slow and tedious – banks review credit, financial statements, legal documents, business plans, and often even expect collateral.
Because your borrowing history is especially important to banks giving out SBA loans, a great credit score will get your application noticed. In addition, you’ll also need a solid business plan, a track record with repaying loans, and most of the time, business profit.
On a brighter note, however, the payoff of SBA loans are usually worth the long process. The low interest rates and long repayment terms are highly appealing, and here’s how you can get these benefits.
The three most popular SBA loan programs are:
- The 7(a) Loan Program
- The CDC/504 Loan Program
- The Microloan Program
To figure out which is right for you and your business, the loan program you’ll apply for depends on your goals, age and size. Below are your options.
If you’re feeling overwhelmed by all the SBA loan options, don’t stress, because that’s what FaaSfunds is here for. We’ll help figure out which loan you qualify for and which will work best for you and your business. And even if you don’t qualify yet, we’ll figure out what your business can do to get there.