Helping reduce risk for lenders, SBA loans are usually given to small businesses. Lenders work the SBA to secure loans for business owners. This guarantees that lenders will get their money back.

Traditional business loans don’t have the security that an SBA guaranty has, making it harder to obtain one. In addition, loan amounts are usually lower than an SBA loan  because they aren’t as secure.

The pros of an SBA loan include having lower down payments required, up to 10 plus years on a repayment plan, and APR limits.

The cons include personal assets required, limited options when applying with lenders, and negative impact on the liquidity of your business.

Take 5 minutes to fill out our online application and from there we can help provide you in which direction to go. If you have any questions, you can also give us a call and one of our representatives  will be more than glad to assist you further.

Make sure to have the following numbers ready on hand, these are what we take into consideration when making our decision:

• Annual/Monthly Revenue
• Length in Business
• Credit Score

Meeting minimal requirements still gives you a likely chance or qualifying, don’t let having a below average credit score scare you.

You are the owner of your business which means it’s your responsibility to make sure your business is in the best shape possible. Even when obtaining financial support, lenders want to be sure that you are a good candidate for their services.

Having the minimal requirements or better is important and is already first step of getting the approval you need. The healthier your business status is, the better chances you have at getting the best deal possible.