Basic SBA Loan Options

Take advantage of the Small Business Administration loan program to propel your startup forward. Find out how to select the right SBA loan by comparing these basic options today. Whether you need a major investment to secure a large asset or you need a microloan to cover an emergency expense, work with the SBA to improve your working capital.

Preparing an SBA application can take more time than a traditional bank loan, but the application process is designed specifically for small business owners. You will need to apply to both a lender and the SBA, but you can receive funding even if you’ve been denied a loan by another financial institution.

SBA 504 Loans

The 504 loan program is specifically for assets. A long-term, fixed-rate loan gives you the financing you need to secure property or equipment. Use it to purchase a storefront, invest in computer equipment or get started with the construction equipment you need. This program is also known as the Certified Development Company loan.

SBA 7(a) Loans

The most common SBA loan program is 7(a) loans. These loans only require a small down payment and are also long-term options. The greatest advantage of a 7(a) loan is that you can use it for virtually any business expense. Don’t just take out a loan for a specific asset, but grow your business with ample working capital to cover payroll and other operating expenses.

SBA Express Loans

If your business has been operating for 18 months or more, consider an express loan. SBA Express loans are created for long-term financing specifically for working capital. You won’t need proof of income if you’re applying for a small loan, though a larger loan may require the last few years of tax returns and additional information.

SBA Microloans

The microloan program is meant for businesses that require less than $50,000 to cover an expense. While it can’t be used to cover existing debts or real estate, many businesses use these loans for purchasing inventory, equipment or covering operating expenses.

Compare these SBA loan options today to find out how you can grow your business with the help of the Small Business Administration. Compare loan programs and prepare your application today to enjoy a working capital boost with generous terms designed to help your business succeed. Keep your business moving forward with the right loan to secure your equipment, property, and working capital.

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