SBA loans & financing: funding backed by the Small Business Administration*

With low APRs and broad usage, SBA funding programs can be a smart way to start or expand your business without driving your business deep into debt.

How to apply for an SBA loan

Step 1

Pre-qualify online

To get prequalified, follow the “Get Started” button and enter some basic business information.

Step 2

Approval status

After your submission has been processed, a Business Consultant will reach out to discuss the options you qualify for.

Step 3

Receive funding

Upon approval and accepting the offer, funds are deposited directly into your bank account so you can use the money immediately.

What is an SBA loan?

SBA-guaranteed loans are made by private lenders for small business and are guaranteed up to 80 percent by the SBA. This helps reduce the lender’s risk and helps them provide financing that’s otherwise unavailable at reasonable terms. SBA loans are typically more difficult to qualify for but offer low rates, favorable terms, and other benefits. From 7(a) loans and microloans to disaster loans and debt consolidation, SBA loan programs come in many different forms. Credibly can help you gain access to the best federally-backed funding option you qualify for.

What can an SBA 7(a) loan do for my business?

The SBA has a variety of different loans available to small business owners and Credibly is able to provide access to loans for working capital, debt refinancing, and equipment purchases. With low interest rates and favorable terms, Small Business Administration loans offer numerous benefits for nearly any use.

SBA loan: advantages and disadvantages

SBA loan advantages

SBA loans are federally-backed and offer lower APRs and longer repayment periods
SBA loan programs offer both small and large funding amounts for optimal coverage
Businesses typically not approved for traditional bank loans could qualify
With large loan amounts and low SBA loan rates, these small business loans can be ideal for growth initiatives.

SBA loan disadvantages

SBA loan applications are more strict and time-consuming than applications for other term loans or working capital products.
The borrower may be required to make a down payment
Collateral may be required and low-credit applicants may not be approved.
Time to receive funds is slower which means that SBA financing may not be a good fit for certain business needs.

FAQs about SBA loans

Who qualifies for an SBA loan?

In general, SBA loans require a minimum of two years in business, $100,000 in annual revenue, and a credit score of 620 or higher. However, different SBA lenders may require elevated criteria.

How long does it take for an SBA loan to be approved?

The exact time it takes to be approved for an SBA loan depends on your application and your lender. SBA 7(a) loans typically take two to three months to be approved but if you are working with an SBA Preferred Lender, your application may be approved much faster, relatively speaking.

What credit score is needed for an SBA loan?

Generally speaking, SBA loan credit score minimums typically range from 620-640+. That said, the credit score needed for an SBA loan depends on the specific lender you work with and which SBA program is applying for.

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