Small Biz Heroes

SBA Loan

SBA loans are the best loan options for small business owners. They’re government-backed and come with great rates that rival gold standards of other types of loans, making SBA a good choice when you need to expand your company in one way or another.

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MAX LOAN AMOUNT

$5K – $5 Million

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LOAN TERM

5 – 30 Years

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INTEREST RATE

6.75%+

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TIME FOR APPROVAL

As Little As 2 Weeks

Benefits of SBA Loans

There are many benefits of using SBA loans, including the following:

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SBA Terms

The SBA provides guarantees on loans that usually have rates and fees comparable to non-guaranteed loans.

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Counseling and Education

Some loans provided come with continued support to assist you while starting and running your business.

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Unique Advantages

There is no collateral needed for some loans; you also get lower down payments, and flexible overhead requirements.

How Do You Get Approved?

The most important factor will be your credit score. The SBA requirement is a minimum of 680 FICO score from ALL three credit bureaus. If you’re starting or acquiring an existing business, there may be some loans to support that endeavor as well!

Be prepared for the process: SBA loans usually require a lot of documentation and time in order to get approved. The underwriting process can take up to 2 weeks if looking for more than $350k. Always make sure any broker or lender promises what they offer before signing on with them willingly!

What’s The Cost?

The small business administration offers a wide range of loans to help you get the funds that your company needs. SBA rates can vary depending on which lender you work with, but all interest rates have to be within SBA guidelines — the minimum and maximum amount they are allowed by law.

The Wall Street Prime Rate is what determines how much these government subsidized loans will cost now; however, in the future if this rate changes so does our loan’s interest charges because it has been based on their current prime lending rate since day one.

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Documents You Need

Before applying for any type of loan, be sure that you have all necessary documents available. This will allow your application process to go much more smoothly and quickly.

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Bank Statements:

We want to see your successful business in action, so provide us with 6 months of bank statements for a better picture. If you can send more than six months, that may be helpful as well.

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Personal and Business Tax Returns:

You will need to provide us with the last two years of business and one year’s worth of personal income tax returns.

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Personal Financial Statement:

Each individual that owns 20% or more of the company needs to submit a Personal Financial Statement.

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Collateral:

If you are looking for more than $350,000 collateral will be required in the form of property or down payment”.

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Balance Sheet:

This statement provides an overall financial snapshot of your small business. As the equation, it looks like: Assets = Liabilities + Equity.

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Profit and Loss Statement:

IA Profit and Loss Statement is a measure of how well your company has performed in the past year. It lists every revenue made, as well as any expenses that were incurred over this time period.

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Driver’s License and Voided Check:

We ask for these to make sure your information is correct on all documents.

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Miscellaneous SBA Documents:

These may include business licenses, Articles of Incorporation, commercial leases, or franchise agreements.

Let’s Get You Funded

We help your business grow and can even secure start up funding.

What do you qualify for?

Getting the right business loan is a lot easier than you think. We help you identify exactly what you qualify for and what program is going to be the best fit to suite your specific needs. See what you qualify for today completely risk free!

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**Secure E-Sign Application - Applying won't impact your credit score.

funding@smallbizheroes.us