The Small Business Association (SBA) helps businesses that may not qualify for a traditional loan by guaranteeing bank loans to businesses. In most cases, the SBA requires that you have already applied to traditional small business loan lenders and been denied a commercial bank loan before applying for an SBA guaranteed loan.
The SBA does not place a limit on the amount you can request, and allows up to 25 years to repay most loans. To qualify for an SBA loan, you must be willing to invest some of your own money into your business as well. They will also take into consideration your personal credit history, as well as your business plan, so you should have both in order before applying.
InsideUp can help you compare small business loan rates and find the right small business loan company that provides SBA backed loans.
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