SBA Loans

SBA Loans

Small Business Administration Loan

You may qualify for up to $5 Million. Approvals can take place in 1 to 5 days while funding can occur in 4 to 10 weeks. There are 10 year and 25 year term loans. You will have competitive rates with a monthly payment plan. There is no prepayment penalty. The SBA reports to the credit bureaus.

Qualifications

SBA Loan Programs

There are a multitude of loan programs for growing businesses. The United States Small Business Administration is one avenue by which an entrepreneur can obtain financing. By contacting The Kimbar Group, Kathy Kerr will assist you in navigating the sometimes tedious SBA loan process. She will take needed action to help your company from the initial application submission to the loan closing date. At The Kimbar Group, we are there for you.

SBA Loans, or Small Business Administration Loans, are loans provided by private lenders (such as banks and credit unions) but guaranteed by the U.S. Small Business Administration (SBA). These loans are designed to provide funding to small businesses that may not qualify for traditional loans due to various reasons, such as lack of collateral or sufficient credit history.

Here are some key details about SBA Loans:

Guarantee: The SBA guarantees a portion of the loan, which reduces the risk to the lender. This guarantee encourages lenders to offer loans to small businesses that might not otherwise qualify for financing.

Loan Programs: The SBA offers several loan programs tailored to different needs and circumstances of small businesses:

7(a) Loan Program: This is the SBA’s primary program, offering loans for general business purposes, including working capital, equipment purchase, expansion, and more.

504 Loan Program: This program provides long-term, fixed-rate financing for major fixed assets like real estate and equipment.

Microloan Program: This program provides small loans (up to $50,000) to help small businesses and certain types of not-for-profit childcare centers start up and expand.

Eligibility: Eligibility requirements for SBA Loans vary depending on the specific loan program and lender. Generally, small businesses that meet size standards set by the SBA, operate for profit, have a reasonable ability to repay the loan, and are located in the United States are eligible.

Loan Amounts: SBA Loans can range from a few thousand dollars up to several million dollars, depending on the program and the borrower’s needs.

Interest Rates: Interest rates for SBA Loans are typically competitive and may be fixed or variable, depending on the loan program and prevailing market rates.

Term Length: The term lengths for SBA Loans vary depending on the loan purpose, with terms ranging from a few years to several decades for real estate loans under the 504 program.

Use of Funds: SBA Loans can be used for various business purposes, including working capital, equipment purchase, inventory, refinancing debt, and real estate acquisition or construction, among others.

Application Process: Applying for an SBA Loan involves working with an SBA-approved lender. The process typically requires detailed financial documentation, business plans, personal background information, and other specific requirements depending on the lender and the loan program.

Fees and Costs: SBA Loans may have fees associated with them, such as guarantee fees and packaging fees. These fees can vary based on the loan amount and program.

Benefits: The benefits of SBA Loans include lower down payments and longer repayment terms compared to conventional loans, making them more accessible and affordable for small businesses.

Overall, SBA Loans are valuable financial tools that can help small businesses access the funding they need to grow and thrive, with the backing of the Small Business Administration’s guarantee to mitigate lender risk.

While the SBA offers excellent loan products at competitive rates, navigating their programs can be cumbersome. Kathy Kerr of The Kimbar Group will provide any guidance you may need to help close your SBA loan.

Small Business Administration Loans,

Contact Kathy About SBA

Fair Interest Rates

We Provide Fair Interest Rates For You

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