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Best SBA Loans for Business
What is an SBA Loan?
A Small Business Administration-backed loan, or an SBA loan, can help your business to get working capital to accomplish any goal, like expanding, purchasing/refurbishing equipment, taking on new real estate or refinancing an existing mortgage or agreement, and more.
SBA loans are one of the most desirable and sought-after types of business loans.Many small business owners apply for an SBA loan before exploring other similar options. Between lower interest rates and substantially longer repayment terms, SBA loans tend to give you the funding you need, without disrupting your cash flow.
While you can get SBA loans through both financial institutions like traditional banks and online lenders, they aren’t taking all of the risk. These loans are guaranteed through the SBA, a branch of the government dedicated to fostering stronger small businesses.
Through most lenders, SBA loans come with one drawback: it can take forever (up to 8 months) to complete the process. Banks thoroughly review loan applications, business plans, personal credit score, and more before providing an answer. When you use an SBA loan to drive revenue in your business, it can significantly improve cash flow.
Regal Cap Group has eliminated this issue by streamlining the process to 45 days! Through our network of 75+ lenders, we can speed up the funding process to complete it in nearly half the time, while also simplifying the long and complex procedure to make SBA funding much easier for you. With guidance from your Business Financing Advisor, you can even get an SBA loan with a tax judgement.
Qualifying For an SBA Loan Based on Type
There are several types of SBA loans, each one serving a different purpose and featuring varying requirements. The most common types of SBA loans include 7(a), 504, microloans, and disaster loans.
SBA 504 loans
SBA 504 loans allow businesses to purchase fixed assets, which are typically real estate, land, machinery, and long-term equipment. These loans can also be used to repair or modernize existing property, land, streets, utilities, parking lots, and even landscaping.
You can’t use an SBA 504 loan for working capital, inventory purchases, to invest in rental properties, consolidate debt, or engage in any other type of refinancing.
Microloans are intended for small businesses and certain not-for-profit childcare centers hoping to expand or startup. These loans typically provide between $13,000 to $50,000 in funds.
Microloans are fairly flexible and can be used for purchasing inventory, supplies, machinery, equipment, furniture, and more. They can also serve as working capital. However, funds from an SBA microloan cannot be used to refinance debt or purchase real estate.
Disaster loans are only available to small businesses and certain nonprofit organizations affected by a declared disaster. These are low-interest, long-term loans intended for alleviating the impacts of physical and economic damage caused by a declared disaster.
SBA 7(a) Loans
SBA 7(a) loans are by far the most flexible and popular financing solution. These loans maintain a maximum funding amount of $5 million which can be put towards a wide range of business expenses.
You can use funds from an SBA 7(a) loan to purchase inventory, equipment, real estate, refinance debt, and acquire other businesses. SBA 7(a) loans are available through qualifying lenders such as banks, credit unions, and even fintech marketplaces like National.
There are several types of SBA 7(a) loans:
7(a) Small Loan
● SBA Express
● Export Express
● Export Working Capital
● International Trade
● Preferred Lenders
● Veterans Advantage
Each SBA 7(a) loan type has slight variations when it comes to structure, terms, and qualifications. In some cases, it may be possible to negotiate interest rates and other terms with your lender.
Some SBA 7(a) loan types are also intended for distinct purposes. For example, International Trade loans are for businesses directly affected by foreign trade while veteran-owned businesses can access reduced rates through Veteran Advantage.
How Do you Qualify For an SBA Loan: The Basics
Even though there are several different types of SBA 7(a) loans, the underlying requirements for any kind of SBA financing are largely similar. To qualify, you’ll have to:
- Meet the SBA’s size standards for a small business. This definition is based on your business’s number of employees and total annual income, or annual receipts.You can read more about SBA size standards here.
- Be a for-profit business
- Must be located and operate within the United States
- Have a reasonable amount of invested equity
- Demonstrable need for financing
- No existing outstanding debt obligations to the U.S. government
I would love to recommend Regal Cap Group Now to grow your business. Regal Cap Group has funded quarterly salaries to expand my business and sign new contracts. I would love to recommend Regal Cap Group Now to grow your business.
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Credit Score Qualifications For an SBA Loan
The SBA emphasizes both your personal and business credit score when it comes to financing. Lenders will use these two metrics to understand how responsible you are when borrowing money and whether you can be trusted to repay your loan on time.
If your business credit score is low or if it hasn’t been established yet, your personal score will have more weight. If you don’t have good credit, you might be denied financing altogether.
Lenders will typically look into your FICO score and your FICO Small Business Scoring Service℠ (SBSS℠). For the best approval odds, your personal credit score should be at least 680 or higher. Your FICO SBSS should be no less than 140 – and the higher the better.
Anything lower than these figures and you may run into difficulty qualifying for an SBA loan. Even if you are approved with less than great credit, the interest rates you receive will be more expensive – and you may have to contend with less favorable terms.
You can access your business credit score through bureaus like Experian, Equifax, and Dun & Bradstreet.
Qualifying for an SBA loan isn’t easy. These loans feature strict requirements, so it helps to have a professional Business Financing Advisor on your side. National’s team works with you to outline your options for financing based on your business’s unique criteria.
Better Terms. Faster Funding. Easier Process.
Regal Cap Group is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date. Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans, and business lines of credit, as well as a full suite of revenue-driving business services. We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
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