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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.