What is an SBA loan?
An SBA loan is a type of loan structured through the Small Business Administration's loan program. Instead of lending directly to small business owners, the SBA offers a government guarantee to lenders like Sound Bank Small Business Lending. This gives lenders like us an incentive to loan money to small businesses who may not be eligible for a conventional loan. There are numerous types of loans under the SBA umbrella, making it easy for businesses to find one to suit their specific needs. The most popular SBA loan program is the 7(a) loan which is typically used to start, acquire, or expand a business.
How can I use an SBA loan?
One of the reasons why SBA loans are so popular is because they are very versatile. An SBA loan can cover all types of business-related costs, including:
- Start-up costs
- Remodels and expansions
- Real estate purchases
- Working capital
- Furniture and fixtures
- Leasehold improvements
- Debt refinance
- Franchise fees
What are some of the benefits of an SBA loan?
There are numerous benefits to getting an SBA loan compared to conventional loans. These include:
- Lower down payments
- Longer terms
- Lower equity terms
- Less restrictive collateral requirements
How do I apply for an SBA loan?
Simply give us a call! SBA loans are known to have a rigorous application process, but don't let that turn you away. Sound Bank Small Business Lending is comprised of a team of lenders who are well-versed in the SBA application process. Our customized application and experienced lenders make the SBA loan process easy to navigate.
Why should I apply for an SBA loan through Sound Bank Small Business Lending?
Sound Bank Small Business Lending is an experienced SBA lender and one of the Top 50 Banks in terms of annual SBA loan volume. Our lending specialists are highly experienced in the SBA loan process and passionate about helping small businesses like yours obtain financial solutions.