Fast SBA Loans | SBA Financing, Business Loans & Funding
At Fast Capital 360, we have the ability to facilitate SBA loan approvals in less than seven days. If you are looking for fast approvals on SBA loans, we can help your small business get the right funding for the future of your company.
Another type of financing option that small business owners may be familiar with are Small Business Administration (SBA) Loans. The SBA is a government resource aimed to improve the U.S. economy. It offers new entrepreneurs and existing small business owners counsel, connections, and opportunities to help support small businesses.
One of the most popular aspects of the SBA is its loan program, which provides guarantees to banks and lenders when they finance small businesses. The SBA guarantees the loans will be paid back even if the business defaults. This ensures lenders are protected, which allows them to take a risk on small businesses. Through these types of loans, the SBA is able to cater to specific American industries and the best interests of our economy.
For new entrepreneurs with little experience or business credit, the SBA loan program is one of the most accessible means of securing needed capital. Without the SBA’s guarantee, many lenders would not consider working with these startups. SBA loans also help businesses without enough collateral to obtain a traditional commercial loan.
Thinking About Applying for a SBA Loan?
While the SBA loan is a positive program, it may not be right for every situation. Here are a few things to consider before applying for an SBA Loan.
- What are their interest rates like? SBA loans can have higher interest rates than traditional bank financing options. Because the SBA has guaranteed payment to the lender, some will charge higher interest rates. There is no incentive to work with the applicant because they know they will get paid, even if the business defaults.
- Is there a lot of paperwork and time investment? Securing this type of loan does require that you work with the government; this can take time and a lot of paperwork. We supply a variety of alternatives for quick business loans online, but SBA loans are likely to take a bit longer to secure.
- Is there a personal guarantee required? SBA loans necessitate the personal guarantee of a business owner with 20 percent or more interest in the business. In many cases, the SBA will secure a loan with any property owned by the business owner. Fast Capital 360 has several ways to provide unsecured business funding, SBA loans, however, are not always unsecured.
- Is your credit rating good enough? Even though SBA loans open up opportunities for small businesses that might not otherwise be able to obtain funding, they still demand good credit. If the business does not have an established credit history, the business owner’s personal credit history will be considered.
There are many considerations when it comes to choosing your means of business financing. From determining the best small business line of credit to your best path to an SBA loan, our business advisors are on hand six days a week to provide insight. At Fast Capital 360, we offer an array of funding options beyond just MCA and SBA loans. We can help you explore the options that are right for you so that you have more money to invest in your business.
For more information on why Fast Capital 360 is the best choice for your small business, contact us today at 800-735-6107.