Do You Need a Business Bank Account for SBA Loan?

SBA Loan Basics

• SBA loans are made by intermediaries like nonprofits.
• An SBA loan is partially guaranteed to eliminate some lender risk.
• Common SBA loans include those for start-ups, working capital, expansions, and equipment purchases.
• The SBA guarantees repayment, reducing lender risk.

SBA Loan Requirements

• You need paperwork for SBA loans about business and personal finances.
• You need a strong credit history and business plan.
• To qualify for an SBA loan, your business must physically operate in the U.S.

Using Bank Accounts for Business Loans

• An SBA loan promises funds from banks.
• SBA loans purchase equipment without accounts.
• Banks lend more often with SBA loans.
• You have up to 7 years to repay some SBA loans.

Using Personal Bank Accounts for Small Business

• An SBA loan promises funds from banks.
• SBA loans purchase equipment without accounts.
• Getting finances is hard when applying.
• To qualify, you need a strong credit history.
• PPP loans don’t need registered businesses.