SBA Loan
What is a SBA loan?
A Small Business Administration (SBA) loan is a type of government-backed small business loan that can be used to fund startup costs, expansions, and more. SBA financing is provided by a private lender but is guaranteed by the government. SBA loan applications are not sent directly to the SBA. The following financial institutions will accept applications:
- Commercial Banks
- Credit Unions
- Fast Biz Funding
Funded Through Us
$8 + Billion
Lenders in Our Network
75 +
Loans funded
200,000 +
What are the advantages of an SBA Loan?
SBA Loans often have more significant borrowing limits and longer repayment durations. In addition to making capital more affordable, lower loan rates and repayment periods save businesses from jeopardizing their cash flow. Investing in costly products may require a need to decrease spending or postpone major plans to meet monthly payments. An SBA loan provides peace of mind when it comes to funding your operating expenditures. SBA Loans are an excellent option for companies trying to optimize their return of investment. Overall, an SBA Loan provides a company with the following benefits:
- Competitive Rates
- Longer Terms
- Lower Fees
What are the drawbacks of an SBA Loan?
While the SBA loan is one of the most accessible and beneficial loans, it also has the most stringent restrictions. Prospective borrowers may believe that because the SBA guarantees a significant portion of the loan, they should be easier to get rather than a business term loan. Aspiring borrowers should be aware that applying for SBA loans takes time. With so many requirements to meet, it may take up to three months before an approval is granted. Applicants may have to meet with multiple institutions before being approved, and even then, they are urged to reapply after their financial situation has improved.
SBA Loan Qualifications:
Time in Business
6 months +
Annual Revenue
$150,000 +
Credit Score
700 +
SBA Loan Highlights
Fast Biz Funding enables the communities we serve to achieve their financial success by understanding their needs and implementing tailored funding solutions. Together we can bring your business dreams to reality.
Document checklist:
- Driver’s license
- Business license or certificate
- Voided business check (for business bank account information)
- Bank statements
- Credit report/statement of personal credit history
- Business tax returns
- Credit card processing statements
- Personal tax returns – 3 years
- Business tax returns – 3 years
- Business plan (in select industries)
- Personal financial statement
- List of real estate owned
- Debt schedule/loan/rent/lease documentation
- Deeds/title/ownership documentation for any collateral/security
- Current profit & loss statements and balance sheet
- A/R and A/P reports
