Business loans backed by the Small Business Administration are among the most favorable type of business loans you can get. Like other types of government-backed loans, the SBA works with SBA-approved lenders in order to reduce the lender’s risk and make it easier to access the capital needed to lend money to small businesses. The result is lower rates, longer payback terms, educational resources, and many other benefits you can’t get with other loans.
The only downside is that applying and qualifying for an SBA loan can be time-consuming and difficult. That’s why it pays to work with a knowledgeable SBA-approved lender, like Immediate Business Funds.
Loan Amount: $250,000 to $5+ million
Loan Duration: Up to 25 years
Qualifying for an SBA loan is more complicated than our other business financing products. We will work closely with you to understand the requirements and provide all the necessary documentation.
In general, eligibility is based on businesses that:
Frequently Asked Questions About SBA Loans
What are the benefits of an SBA loan?
The major advantage of an SBA loan is its rates (usually around 4%-7%). As a government-backed loan, SBA loans also carry some unique benefits, including lower down payments, flexible overhead requirements, and no collateral needed on some loans.
How long does it take to get an SBA loan?
If the process moves quickly, as little as 60-90 days. Sometimes it may take up to a year if we have to work with customers to repair their credit, appraise collateral, or right their business’s finances. An SBA loan is not ideal for a business that needs cash now. See our business cash advance or line of credit pages for more information on fast financing.
What can I use an SBA loan for?
SBA loans are a bit stricter about what the money can be used the, unlike cash advances and lines of credit which can be used for anything your business needs.
SBA loans can be used for: