The Small Business Administration (SBA) has a number of lending programs, each of which is tailored for a specific kind of financing. It's important to know about the many kinds of SBA loans available and which one is best for your business needs.
The Small Business Administration was established in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise, and to maintain and strengthen the overall economy of our nation.
The loan provides government-guaranteed funding with low-interest rates and a lengthy payment period. The agency typically guarantees a percentage of the loan amount borrowed from a financial institution, so it reduces the lender's risk and makes business financing more accessible to the entrepreneurs.
Navigating the SBA Loan process can be complicated and cumbersome. Tusar Financial is here to make sure you understand the procedures and conditions so you can get the business loan that meets your requirements and goals.
Though, the SBA provides a variety of programs, here are a few that we often assist our customers in obtaining:
This SBA loan is one of the most versatile, and can be used to pay off debt, purchase business equipment, commercial real estate, start a business, or provide operating capital. The maximum loan amount for 7(a) loan is $5 million. The eligibility guidelines are broad, however, the 7(a) loans aren’t the easiest to qualify for. The business must meet certain SBA general guidelines to be eligible for the loan, to include business size, income, purpose of the loan, credit history, cash flow, etc.
SBA 7(a) loans are issued by the banking institutions or non-banking institutions, and are typically partially backed by SBA. SBA charges a guarantee fee for these loans. 7(a) loans have long repayment terms and lower interest rates.
There are different types of SBA 7(a) loans, and we assist you with the prerequisites and the process, in order to help you obtain much-needed funds for your business.
The Small Business Administration 504 loan is obtained in collaboration with a local Community Development Corporation (CDC) to provide financing for commercial real estate and major fixed assets. It is one of the most effective strategies for obtaining a SBA loan, jointly granted by the lender and CDC. The maximum amount for 504 loans is $5 million, and have long term repayment term with lower interest rates. Certain general SBA guidelines have to be met for eligibility.
Although SBA 504 loans may be a bit difficult to comprehend, Tusar Financial is here to assist you with the product's specifics and walk you through the procedures.
The SBA Express loan is a government-backed loan program that provides a quick way for small businesses to access capital. The SBA Express Loan is a smart choice for borrowers who need quick access to funds but who might not qualify for traditional financing. It may be used for a variety of purposes, including working capital, acquiring business equipment, and funding expansion.
The above listed information is subject to change as SBA guidelines change from time to time. To inquire about the lates guidelines, send an email at info@tusarfinancial.com
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