by Gerri Detweiler
The U.S. Small Business Administration (SBA) is a federal agency that helps entrepreneurs manage their businesses and gain access to capital. SBA loans have some of the lowest interest rates available, but usually require strong personal and/or business credit. The SBA pre-screens loan applicants with FICO’s SBSS score, a small business credit score. Most businesses, even younger ones, can qualify for an SBA loan–but having a limited business history makes it more difficult.
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What You Need to Know About SBA Loans
|Very low interest rates||Lengthy paperwork|
|Longer repayment terms||Longer wait time|
|Very low down payment||Requires good credit|
|Available for many uses||May require collateral|
|Helps build business credit|
Best Uses for SBA Loans:
- Working capital
- Purchasing equipment
- Purchasing commercial real estate
- Acquiring other businesses
Go for it! SBA loan applications require time, effort and good credit. But they also have some of the lowest interest rates and most favorable repayment terms available. The money you could save is well worth the effort.
SBA Loan Offers
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