The SBA Loan is a program of the Small Business Administration that is intended to help small businesses acquire loans by guaranteeing as much as 80% of the loan. This gives business owners a greater chance of approval if they have a weak application. An individual must still apply for the loan through a certified SBA lender, usually a commercial bank.
Challenges
Lenders typically require a lot of business information to determine their risk. This often leads to a lot of paperwork. The turn around time for an SBA loan can take 90 days or more. It is easier for established businesses to get an SBA loan than it is for new businesses.
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SBA Microloas
A program for short term loans under $35,000.
