SBA Loan
What is a SBA Loan?
An SBA loan, or Small Business Administration loan, is a type of business loan that is guaranteed by the U.S. Small Business Administration (SBA). While the SBA doesn’t directly lend money, it partners with financial institutions like banks to offer these loans, guaranteeing a portion of the loan amount, which encourages lenders to provide more favorable terms and potentially larger loan amounts to small businesses.
The two main types of SBA loans are SBA 7(a) loans and SBA 504 loans. SBA 7(a) loans are more versatile and can be used for various business purposes, including working capital, equipment purchases, and real estate acquisitions. SBA 504 loans, on the other hand, are specifically designed for financing fixed assets like real estate and equipment, and are often used for business growth and job creation.
Requirements
- 3 years business tax returns
- 3 years personal tax returns
- 2024 Year-End January thru December P&L and balance sheet for the Business
- Personal financial statement (PFS)
- Business debt schedule
- Property Address
- Purchase Price
- Bank Statements for liquidity
- SBA Loan Questionnaire
Benefits
SBA loans can offer competitive interest rates, flexible terms, and longer repayment schedules compared to traditional business loans. They can also offer higher loan amounts, making them attractive for larger business needs.
Questions? We have answers. Call Fred 714-583-6188
If you are interested in finding out if a Jumbo Loan is right for you, please contact us below, or fill out our pre-approval form. One of our experienced loan officers will be in touch.