SBA loans are one of the best ways to help your business grow and, in some cases, to even fully finance a new business venture.
This U.S. federal program offers very flexible terms and favorable interest rates to lessen the burden of today’s competitive corporate environment. On the other hand, SBA loans are sometimes difficult to get as the requirements set by the Small Business Administration are stringent. The application process requires meticulous preparation and funding may take many months to receive.
Other things to consider are the underwriting criteria of the bank providing the SBA loan. The SBA does not issue loans directly; they guarantee loans issued by participating lenders. SBA loans, are also referred to 7(a) loans.
GP&M can help you navigate the SBA process and submit your application to have your business become SBA Certified.
Is Your Business Certified to be a Small Business (SBA)?
In general, to qualify for an SBA Loan, a business must be:
SBA loans are available for:
General and trade construction companies
Businesses that offer professional services such as doctors, dentists and veterinarians
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