An SBA loan is a small-business loan that can help cover startup costs, working capital needs, expansions, real estate purchases and more. This type of financing is issued by a private lender but backed by the federal government.
Access to funding is a top challenge for small businesses. However, by exploring various funding options such as loans, crowdfunding, and invoice financing, you can find the support you need to take your business to the next level.
Term and SBA loans offer extended repayment terms, providing businesses with stable, long-term capital.
These funding options typically feature lower interest rates, reducing borrowing costs over time.
Businesses can use these loans for various purposes, offering versatility in financial planning.
Fixed monthly payments simplify budgeting and cash flow management for businesses.
Term and SBA loans provide access to substantial funding amounts for significant investments.
SBA loans are partially guaranteed by the Small Business Administration, offering improved terms and accessibility to financing.
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Term loans are standard loans offered by banks or lenders with fixed terms and interest rates, whereas SBA loans are partially guaranteed by the Small Business Administration, often offering more favorable terms but with specific eligibility criteria and application processes.
Repayment schedules vary but usually involve fixed monthly payments over the loan term, allowing for more predictable cash flow management for businesses.
SBA loans often come with lower down payments, longer repayment terms, and government backing, making them attractive for businesses seeking more favorable terms and easier access to financing.
Term and SBA funding can be used for various business purposes, including purchasing equipment, expanding operations, refinancing debt, acquiring real estate, and covering working capital needs, providing flexibility to address different financial goals.
Qualification criteria depend on the lender and the specific loan program. Generally, lenders consider factors such as creditworthiness, business financials, collateral, and, in the case of SBA loans, adherence to SBA guidelines.
The duration varies depending on the lender and the complexity of the loan. Generally, SBA loans may involve a lengthier approval process due to government involvement, while term loans can often be approved more quickly.
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