Get Spring 2009 - SBA - Sba

Terms: Loan terms vary ing to the purpose of the loan, generally up to 25 years for real estate or 10 years for other fixed assets and working capital.

Hard to qualify Although the government guarantee reduces the risk that lenders face when issuing loans to small businesses, you'll still need to meet strict eligibility criteria to get an SBA loan. Typically, you'll need several years in business, strong business finances and a good credit history to qualify.

SBA Express It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.

1 in 6 Small Business Administration Loans Fail, Study Finds.

Loans through the U.S. Small Business Administration (SBA) are popular because they offer attractive interest rates and repayment terms. Because they're so popular, only about half (52%) of all SBA loan applications are approved.

Use of loan proceeds 7(a) loans can be used for: Acquiring, refinancing, or improving real estate and/or buildings. Short- and long-term working capital. Refinancing current business debt.

In general, you'll need good credit — a personal credit score of 690 or higher — to get an SBA loan. Some lenders, like microlenders or Community Advantage lenders, however, may consider working with businesses with lower credit scores.

It can be difficult to get an SBA 7(a) loan if you don't have strong annual revenue, a good credit score (690+) and at least two years in business. SBA 7(a) loan requirements vary from lender to lender, but you'll generally need to meet these criteria to qualify.