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SBA startup loans are funds that are temporarily made available to small businesses to help them grow. These loans are backed by the government, and they generally have lower interest rates compared to most other lending arrangements. Unlike some loans, though, SBA Loans have APRs based on variable rates, which can, therefore, fluctuate over time. It’s also important to note that the SBA doesn’t actually provide the loans itself. Rather, the organization facilitates loans from a multitude of its lending partners.
There are several different types of SBA startup loans, which, for the most part, are available to businesses that have been in operation for less than one year. Actually qualifying for one of these loans, however, depends on the business owner’s personal credit score and their overall creditworthiness.
Applying for SBA startup business loans is a bit more involved than the application process for many other types of loans. Whereas some lenders offer streamlined applications and instant decisions, SBA loans typically require hopeful borrowers to submit several documents and wait weeks – or even months – to hear back.
If you’re interested in SBA loans for startup businesses, here are a few tips to increase your likelihood of getting approved.
As you prepare to submit your application, you’ll need to gather a few different documents. Here are some of the SBA startup loan requirements you should have on hand before applying.
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| Loan Amount: | $30,000 – $350,000 |
| APR Range: | 9.7% – 11.04% |
| Time To Fund: | Typically take several weeks to fund, but can fund as quickly as within seven days. |
| Loan Term: | Maximum loan term is 10 years. |
| Origination Fee: | 4.00% |
| How To Qualify: | 675+ Personal credit score $50,000+ Annual revenue |
| Great Option For: | Borrowers with good credit SBA loans Funding real estate purchases Refinancing debt |
| Credit Check? | Soft credit check and hard pull |
| Co-Applicants Accepted? | No cosigners |
| Direct Pay-Off To Creditors? | No |
| Click “Check Rates” to apply to SmartBiz Apply Now | |
» MORE: SmartBiz SBA Loan Review
As previously mentioned, there are several types of SBA loans for startups. Here’s a closer look at a few of those loans and how they compare.
Although the average amount of a small business loan is in the neighborhood of $130,000, some entrepreneurs require far less funding to get their ventures off the ground. That’s where SBA Microloans fit into the picture. These loans are for amounts of less than $50,000, which are perfect for businesses with lesser needs.
There are many attractive aspects of SBA Microloans, but these lending arrangements have their drawbacks as well. With that in mind, here are a few pros and cons to consider before choosing this option to fund your startup.
SBA Microloans can be used for many purposes, but some applications are more common than others. Here are a few ways entrepreneurs frequently use these funds.
The specific qualifications for SBA Microloans vary depending on which lender actually provides the funds. To find out exactly what factors determine whether or not you can get approved for one of these loans, refer to the list of participating lenders on the SBA’s website.
Applying for an SBA Microloan is a relatively straightforward process. Here’s an overview of the three steps.
Although securing a loan can pose a challenge for many entrepreneurs, it’s especially difficult for aspiring business owners in underserved communities. If you’re attempting to launch a business in an area with limited resources, an SBA Community Advantage loan might be your smartest option.
SBA Community Advantage loans are an excellent option for some entrepreneurs, but they’re not ideal for every business owner. Here are a few tradeoffs to keep in mind prior to applying for this type of loan.
SBA Community Advantage loans can be used for a variety of purposes, but some lenders may impose restrictions regarding how the funds can be spent. Regardless, these loans cannot be used as revolving lines of credit, although in certain situations, they can be used to refinance existing loans.
In order to qualify for an SBA Community Advantage loan, your business must satisfy several criteria including:
Compared to other SBA loans, Community Advantage loans are easier to apply for. There is a bit of paperwork involved, however. Here are the forms you’ll need to have filled out.
SBA Community Advantage loans are attractive to many borrowers, yet they’re not available everywhere. Fortunately, SBA Express Loans are offered coast to coast with repayment terms up to 10 years.
There’s a lot to like about SBA Express Loans, but there are also some aspects that are likely to turn off potential borrowers. Here’s a breakdown of the pluses and minuses of this type of loan.
SBA Express Loans can be used for numerous purposes, including purchasing real estate, refinancing debt, and gaining access to working capital. Those are a few of the most common applications of SBA Express Loans, but there are many other potential uses as well.
In order to qualify for an SBA Express loan, your business will need to satisfy certain requirements, including having 2 years of history in operation in the United States. Additionally, the business owner is required to have previously financed their company via alternative means, and they must be able to prove that those funds were used for business-related purposes.
The process of applying for an SBA Express Loan is akin to the process for most other SBA Loans and business loans in general. Begin by making sure your company satisfies all of the criteria for the loan, then proceed to gather or prepare the required documents. Finally, fill out the application, then submit your paperwork, and you should receive a response within 2 days.
There are several costs to consider when launching a business. If this is your first adventure in entrepreneurship, here are a few categories of costs you should be prepared to pay.
Hopefully, you now have a better understanding of SBA loans for startups and what’s involved when applying for one. Depending on what type of loan you’re applying for, though, there’s likely more to learn. Be sure to do your research when applying, and good luck with launching your startup!
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