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What is an SBA Loan?
SBA-guaranteed loans are made by private lenders 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 Requirements
As a federally-backed financing option, SBA requirements are stricter than other lending programs. The application process requires you to provide more information than other financing solutions and has more strict minimum qualifying criteria such as not having any felonies on the business owner’s record.
How to Apply for an SBA Loan
SBA Loan: Advantages and Disadvantages
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.
Other Financing Options
Subject to approval.
*Bank statements must be from the business banking account for the business receiving funds.