Reasons to Apply for an SBA Loan
There are three good reasons to choose an apply for a SBA loan for your business. A Small Business Administration loan, or SBA loan, is a loan backed by the federal government's Small Business Administration office.
1- SBA Loans are Safe
The SBA does not give you the money directly - instead, it guarantees a loan through a private lender. A lender may be more willing to work with you because of the additional security provided by the SBA's guarantee.
2 -SBA Loans Have Better Interest Rates
The SBA also protects small businesses from costly interest rates. The SBA sets a maximum interest rate for all SBA loans. Each lender can set specific interest rate for your loan, but they may not charge a higher rate than the SBA permits.
3 - SBA Loans Cover Many Needs
There are SBA loans for almost any business need: equipment, furniture, new computers, renovations, or even real estate. The SBA also has loan programs for more complex business modernization programs, or smaller "microloans", if all you need is a few thousand dollars. Depending on your business, the SBA may also help you with loans to support import/export programs, pollution control programs, seasonal business needs, or even disaster recovery.
1- SBA Loans are Safe
The SBA does not give you the money directly - instead, it guarantees a loan through a private lender. A lender may be more willing to work with you because of the additional security provided by the SBA's guarantee.
2 -SBA Loans Have Better Interest Rates
The SBA also protects small businesses from costly interest rates. The SBA sets a maximum interest rate for all SBA loans. Each lender can set specific interest rate for your loan, but they may not charge a higher rate than the SBA permits.
3 - SBA Loans Cover Many Needs
There are SBA loans for almost any business need: equipment, furniture, new computers, renovations, or even real estate. The SBA also has loan programs for more complex business modernization programs, or smaller "microloans", if all you need is a few thousand dollars. Depending on your business, the SBA may also help you with loans to support import/export programs, pollution control programs, seasonal business needs, or even disaster recovery.
