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sba loan – SBA loan interest rates are some of the most competitive among lenders
Here’s a quick look into all of the available SBA loan programs: Standard 7(a) Loan Program
SBA Loans For Veterans: Everything You Need To Know About VA SBA Loans
SBA loan terms are often among the most attractive loans available to small business owners
SBA Loan Requirements: Everything You Need to Know
How the SBA loan payment calculator works
Use this easy SBA loan payment calculator to figure out what your monthly payment will be
SBA Loan Monthly Payment Calculator Use this calculator to perform calculations for payments based upon an amortization schedule
SBA 7(a) loans are available to both startups and more established small businesses, and they have a variety of qualification requirements.
Minimum credit score: 680 (check your score for free)
Other SBA loan requirements: No recent bankruptcies, foreclosures, or tax liens
Collateral: While the SBA will not refuse to guarantee a loan due to insufficient collateral, a lender is less likely to approve a loan that isn’t backed by sufficient collateral; loans of less than $25,000 don’t need to be collateralized
Down payment: At least 10% down payment if you are using the loan to purchase a business, commercial property, or equipment
SBA Express Loan generally follows the same guidelines as the standard SBA 7(a) loan, but the maximum loan amount is limited to $350,000, and only select lenders are qualified to participate. The SBA guarantees a maximum of 50% for SBA Express loans, which means the interest rates on an SBA Express loan tend to be higher than other 7(a) loans.
CDC/SBA 504 loan program provides SBA loans to small businesses looking to purchase or build owner-occupied commercial real estate. The program pairs two lenders together to fund these projects: a bank or traditional lender and a community development corporation (CDC). The bank lends up to 50%, the CDC lends up to 40%, and the remaining 10% of the project’s costs come from the borrower, typically in the form of a cash down payment.
SBA CAPLines program offers four SBA loan or line of credit products that are designed to provide up to $5 million to help small businesses meet their short-term and cyclical working capital needs. SBA CAPLines are best for businesses that need a revolving line of credit to make recurring payments or to prepare for unexpected expenses.
SBA Seasonal Line of Credit Loan Program
A seasonal CAPLines is an SBA line of credit up to $5 million that can be used for seasonal increases in accounts receivable, inventory needs, or related increased labor costs. To qualify, in addition to the standard 7(a) requirements, your business needs to have been in operation for at least one year and have a demonstrated pattern of seasonal activity.
2. SBA Contract Line of Credit Loan Program
A contract CAPLine is an SBA line of credit up to $5 million that can be used for the materials and labor associated with assignable contracts. To qualify, in addition to the standard 7(a) requirements, your business needs to have demonstrated experience, profitability, and ability to perform the work and complete the designated contract, subcontract, or purchase order.
3. SBA Builders Line of Credit Loan Program
A builders CAPLine is an SBA line of credit up to $5 million for contractors and home builders who build or renovate residential or commercial buildings. To qualify, in addition to the standard 7(a) requirements, your business needs have demonstrated experience, profitability, and ability to perform the work and complete the project.
4. SBA Working Capital (Asset-based) Line of Credit Loan Program
A working capital CAPLine is an SBA line of credit up to $5 million that allows small businesses to convert short-term assets, like pending invoices, into cash. To qualify, in addition to the standard 7(a) requirements, your business must generate accounts receivable or have inventory. The working capital CAPLine provides financing that might not otherwise be available.
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