Many people dream of being an entrepreneur and starting a small business of some type. They have the drive and skills, but perhaps lack the funds to make a go of it. This is where a Small Business Administration (SBA) loan can come in quite handy.
The Small Business Association
The SBA was begun in 1953 to help small business owners get the funding they need to launch or enlarge their businesses. Since then, millions of Americans have been helped.
The Various Types of SBA Loans
The SBA provides several different types of guaranteed loans to business owners. Some of the most popular are:
SBA 7(a) Loans. These are the most common SBA loan type. This financing can be used for many business purposes such as renovation, new construction, equipment purchase, and more. These loans can be obtained with values of up to $5,000,000.
SBA 504 Loans. This type of funding enables businesses to acquire fixed assets for expansion or modernization. Repayment terms are generous, up to a quarter century in some cases. Like 7(a) loans, the maximum borrowable amount is $5,000,000.
SBA Microloans. Smaller loans, termed Microloans, are valued at up to $50,000. They are available through the SBA. They can be used for a wide variety of business or non-profit needs.
SBA Express Loans. This funding is designed for fast approval. They can quickly put needed working capital, up to $500,000, into the hands of small business owners.
There are even more types of SBA options from which to choose. They also offer disaster loans, financing for exporting businesses, and loans for international trade.
Work With the Best Lender
Private Client Capital Partners know small businesses and offer a wide variety of funding options to assist them to achieve their goals. They are pleased to help you obtain an SBA loan, or suggest other options if they make more sense. Give them a call.