SBA Grants and Loans
The U.S. Small Business Administration (SBA) offers financial assistance to eligible small businesses, including grants that do not need to be repaid. To apply for an SBA grant, prepare documents like a business plan, financial statements, tax returns, and proof of business registration. The grant amount and eligibility criteria vary by program. Call SBA customer service or check online for application status updates. Mistakes can often be corrected if SBA has not yet approved the application. Approvals may take time, but provide free funding to achieve small business goals.
Is it too late to get a SBA loan?
Getting approved for an SBA loan may take anywhere from a few days to several months depending on the loan. A bad credit score, below 630, usually disqualifies you. Lenders have approximately a 25% approval rate for these loans due to strict eligibility. However, having timely and accurate documentation speeds the process. There are options if you get denied or if the wait seems too long. For example, SBA Express Loans receive approval within 36 hours.
SBA Loans Overview
Though not the only choice, SBA loans allow more flexibility in use of proceeds than other small business loans. You can use funds for franchise fees, construction, equipment, working capital, and more. Just remember statutes prohibit those convicted of felonies during riots or disasters from receiving 7(b) loans.
Overall, SBA loans provide excellent resources for small businesses to get started, expand, and succeed. Seek a preferred lender for the fastest service. With preparation, most qualify for at least one of nine 7(a) loans. If you have additional questions, contact the SBA customer service line.