An SBA (Small Business Administration) loan is one of the most sought after loans for small business owners. It is a term loan issued by a bank, and partially guaranteed by the federal government. Because of this, the bank is able to lend money at a longer term with a lower interest rate.
There are several different types of SBA programs. The loans can range from as little as $500 up to $5 million. Lengths can go up to 25 years, and the interest rates are based off of whatever the Federal Reserve sets the prime interest rate to, plus 2.75%. Fundera specializes in the SBA 7(a) loan which goes up to $350,000 and goes out to 10 years.
SBA loans typically require more paperwork and time than other lending options, so Fundera exists to help you make sure that your application is accurately and quickly submitted to the bank for review.