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How to Get an SBA Loan
Established in 1953, the U.S. Small Business Administration (SBA) has been instrumental in supporting American entrepreneurship by assisting businesses with starting, building, and growing.
As an independent agency, the SBA collaborates with public and private organizations to provide a wide range of services, including valuable and accessible loan programs.
In this comprehensive guide to SBA loans, we will explore the different types of SBA loans, lender requirements, and the application process. We will also discuss resources for disaster loans, ensuring preparedness for unforeseen circumstances.
What is an SBA loan?
An SBA Loan is not directly from the SBA itself, but rather through a commercial lending partner (such as a bank or credit union) that the SBA has guaranteed and structured according to their requirements. This arrangement helps minimize risk for both partners and borrowers. Typically, this type of loan is accessible to those who do not have reasonable access to other funding sources.
Because loan guarantee requirements and practices are influenced by the US Government, lending terms may change due to policy or economic conditions.
You may apply for an SBA Loan if you are located in a U.S. territory, including the United States, Puerto Rico, Guam, and the U.S. Virgin Islands. If you are not part of any of these territories, there are alternate funding opportunities available.
Introduction to the SBA loan program
Explore these resources to learn the fundamentals of SBA loans, including their types, permissible use, and application process.
What types of loans does the SBA loan program offer?
The SBA offers several loan programs categorized as general small business loans, microloans, real estate loans, and disaster loans.
How to write a business plan for an SBA loan
Although similar to traditional bank loans, there are specific aspects to emphasize in your SBA business plan to increase the likelihood of qualification.
SBA disaster loan resources
Unfortunately, this category is reserved for circumstances that business owners hope to avoid. However, situations beyond our control or favor may necessitate a loan to rebuild after a disaster.
Review our disaster loan resources to familiarize yourself with this particular loan program.
What to do when you need an SBA disaster loan
Has your business been impacted by a disaster? Are you eligible for an SBA disaster loan? Gain an overview of the program, the types of applicable disasters, and the application process.
Reasons why you don’t qualify for an SBA disaster loan
If your application for a disaster loan has been denied, learn about potential disqualifications and the necessary requirements if you decide to reapply during a future hardship.
SBA loan templates and tools
Access resources to help prepare for an SBA loan application and effectively present your proposal to lenders.
Showcase your business structure, performance, and potential with a lender-ready and SBA-approved business plan.
Free pitch deck template
Impress lenders with visuals to support your business plan and loan application.
Maximize chances of securing an SBA loan. Impress lenders with visuals to support your business plan and loan application. Create and share your plan, pitch, and financial forecasts using one powerful tool.
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I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
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