SBA business loans
There is no denying that small businesses and startups are the driving force of the country’s economic growth. They generate lots of new jobs and pay a huge amount of money in taxes. However, small businesses often face financial burdens, and thus take on crippling debts they can’t get out of. To avoid traps of that kind, entrepreneurs may want to make use of an SBA loan program. Even though some find it too challenging to qualify for, it is still considered to be one of the best options for additional funding.
SBA stands for Small Business Administration, a government agency in the U.S. that aims at supporting small businesses. It provides a myriad of loan programs of up to $5 million, depending on what you need the money for. On the whole, these funds can be used for working capital, day-to-day commercial operations, expansion, equipment investments, debt refinancing, and even real estate purchases. Regardless of the intended purposes, SBA loans are known for their low-interest rates and favorable repayment terms.
Capital for Business is your reliable SBA loan lender
If you are looking to apply for an SBA loan for business, Capital for Business is the company you need. We are an authorized lender for SBA loans and has everything it takes to encourage your company’s growth. When teamed up with us, you will be offered an opportunity to dramatically contribute to the success of your business – be it an auto repair shop, restaurant, or grocery store.
What sets Capital for Business apart from high-street banks and other lenders is that we realize how important it is to get extra funding as soon as possible. That is why we channel our efforts into facilitating both the application and the approval process for SBA business loans. With us, you no longer need to deal with mountains of paperwork and wait for months. We automated the process to make your SBA loan experience smooth.
As a borrower, you will also benefit from:
- Highest loan amounts $30,000 to $5 Million;
- Lowest APRs 4.75% to 7%;
- Long repayment periods from 10-25 years;
- 3-step application process allowing you to receive funds in a matter of days not months
Types of SBA loans for business
There are many loan programs offered by the Small Business Administration through authorized lenders. The most common of them are:
- 7(a) SBA loan program providing funds for Working Capital, Debt Refinancing,Hiring Employees, Commercial Real Estate,Purchasing Equipment, Marketing, Business Expansion, Inventory and Operational Expense;
- 504 loan for buying real estate or facilities;
- Commercial Real Estate Loans from $500,000 to $5 Million;
With all those loan types guaranteed by the SBA, business owners may have a hard time finding the one that perfectly meets their needs. If that is your case, you will be better off consulting your loan specialist at Capital for Business. We will help you choose the best option, taking into account your company’s revenue and the intended purposes of financing.
Forget about banks and their month-long approval process, Capital for Business has streamlined the process and will provide an SBA loan for your business in no time!
Documents Required for an SBA Loan
Personal & Business Tax Returns
The banks in the Capital for Business network require the previous 3 years of business and personal income tax returns.
Personal Financial Statements
A Personal Financial Statement is required from each individual owning 20% or more of the company.
Profit & Loss Statement
A Profit and Loss Statement measures a company’s financial performance over a specific period of time. This statement includes all revenue and expenses over a given period.
This statement provides an overall financial snapshot of your small business. As an equation, it looks like: Assets = Liabilities + Equity, so both sides of the equation must balance out to equal each other.