SBA
A Small Business Administration (SBA) loan is a type of loan that is guaranteed by the Small Business Administration, a U.S. government agency. The SBA does not directly lend money to small businesses, but instead partners with lenders to provide loans with more favorable terms and lower interest rates to small businesses that might not otherwise qualify for traditional financing.
SBA loans are designed to help small businesses start, expand, and grow by providing access to capital. There are several different types of SBA loans available, including general small business loans, microloans, real estate and equipment loans, and disaster loans. The terms of the loan, including interest rates, repayment schedules, and collateral requirements, will vary depending on the specific type of loan and the individual borrower’s circumstances.
To apply for an SBA loan, a small business must meet certain eligibility requirements, including having a sound business purpose, being located in the United States, and meeting the SBA’s definition of a small business. The application process can be lengthy and may require a significant amount of documentation, but SBA loans can be a valuable source of funding for small businesses.
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