SBA Loans

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  • Plus IconWhat Is an SBA Loan?
  • Plus IconWhat Do You Need to Qualify?
  • Plus IconWhat Are the Benefits of an SBA Loan?
  • Plus IconTypes of SBA Loans
  • Plus IconHow to Apply for SBA Loans
  • Plus IconHow Can You Use Your SBA Loan?
  • Plus IconWhy Choose National Business Capital for an SBA Loan?

What Is an SBA Loan?

What Is an SBA Loan?

A Small Business Administration-backed loan, or an SBA business loan, can help your business to get working capital to accomplish any goal, like expanding, purchasing/refurbishing equipment, taking on new real estate, or refinancing an existing mortgage or agreement, and more.

SBA loans are one of the most desirable and sought-after types of business loans. Many small business owners apply for SBA loans before exploring other similar options. Between lower interest rates and substantially longer repayment terms, SBA loans tend to give you the funding you need without disrupting your cash flow.

While you can get SBA financing through both financial institutions like traditional banks and online lenders, they aren’t taking all of the risk. These loans are guaranteed through the SBA, a branch of the government dedicated to fostering stronger small businesses.

Through most lenders, SBA loans come with one drawback: it can take forever (up to 8 months) to complete the process. Banks thoroughly review loan applications, business plans, personal credit score, and more before providing an answer. When you use an SBA loan to drive revenue in your business, it can significantly improve cash flow.

National Business Capital has eliminated this issue by streamlining the process to 45 days! Through our network of  lending partners, we can speed up the funding process to complete it in nearly half the time while also simplifying the long and complex procedure to make SBA funding much easier for you. With guidance from your Business Financing Advisor, you can even get an SBA loan with a tax judgment.

What Do You Need to Qualify?

What Do You Need to Qualify for an SBA Loan?

If you’re looking to use an SBA loan for any purpose other than acquiring an existing business, here are the standard requirements:

  • 2+ years in business
  • $500,000+ in annual gross sales
  • 685+ credit score

If you’re looking to use an SBA loan to purchase an existing business, the requirements are:

  • 10% down payment
  • 680+ credit score
  • Industry/managerial experience
  • No criminal history (or the ability to explain misdemeanors on your record)
  • No current federal debt
  • If purchasing a franchise, a paid franchise fee

Your business, or the business you’re looking to purchase, must also fall within the SBA’s overarching eligibility criteria. Outside of the traditional minimum credit score, time in business, and annual gross sales requirements, your business (or the one you’re looking to purchase) must:

  • Operate for profit
  • Do business within the U.S. (or propose to)
  • Have “reasonable” owner equity to invest
  • Have sought out alternative resources, like personal savings and assets, before seeking assistance through the SBA

It’s important to know if your business qualifies BEFORE sending an application. That way, you won’t wait months only to find out you were ten points off the minimum credit score requirement, and you can avoid wasting precious time you could have spent running your business.

What Are the Benefits of an SBA Loan?

What Are the Benefits of an SBA Loan?

SBA loans are some of the most coveted financing options available to entrepreneurs because of their high borrowing limits and low-interest rates. SBA-sponsored lenders offer their financing products based on strict eligibility requirements, including high credit scores, extended time in business, and substantial annual revenue. If your organization doesn’t meet these criteria, you might find it difficult to qualify for some of the more substantial SBA financing programs, but you might be able to reach approval with a more lenient option, like SBA microloans.

Longer Terms

Build your business the right way, with term lengths ranging from 10-25 years

Prime Rate+

Access the best SBA rates and terms available through one simple application.

Express Funding

Get streamlined funding on loan amounts of $350K or less.

Types of SBA Loans

Types of SBA Loans

Small Business Administration loans come in a variety of shapes and sizes, with each option offering a unique set of benefits to borrowers. Here are the three main types of loans offered by the SBA:

SBA 7(a) Loans

SBA 7(a) loans are the SBA’s most common loan program. It provides up to $5 million in funding for a variety of business purposes, including working capital, equipment purchases, construction/renovation, and other growth investments, with repayment terms of up to 25 years.

SBA 504 Loans

This type of SBA loan can only be used to promote business growth and job creation, which includes the purchase/construction/improvement of

  • New facilities
  • Pre-existing facilities
  • Pre-existing buildings
  • Long term equipment and machinery
  • Land, streets, utilities, parking lots, and landscaping

SBA 504 loans can’t be used for working capital, inventory, refinancing debt, or speculation/investment in real estate rental properties.

SBA Microloans

The SBA’s microloan program offers up to $50,000 in capital to qualified borrowers. While you can’t use the funds to pay existing debts or purchase real estate, you can use a microloan for any other business purpose, including working capital, equipment, payroll expenses, and much more.

How to Apply for SBA Loans

How to Apply for SBA Loans

The SBA loan application process is similar to applying for other forms of financing, with a few caveats. Here’s what to expect:

Determine Your Eligibility

Anyone looking to apply for SBA loans should first confirm that they meet the minimum qualifications. If you don’t qualify, you should seek out other types of lenders, including banks, credit unions, and non-bank lenders.

Choose the SBA Loan That’s Right for You

Next, you’ll need to decide which type of SBA loan will work best for your business and find SBA lenders. Consider the funding amounts, repayment schedule, and the finer details of each option to help you reach a decision. Once you’ve determined the one that aligns with your business goals, you’ll start your search for an SBA lender.

Find an SBA Sponsored Lender

Banking institutions, including Wells Fargo and Chase Bank, and some non-bank lenders, offer SBA loans. Their availability varies by state, so make sure to do some proactive research to ensure you have viable options in your area. If you’re having trouble finding a lender or you’d rather skip this step, consider working with a marketplace, like National Business Capital, to simplify your search for lenders.

Submit Your Application

Finally, you’ll fill out your SBA loan application and send the required documents, including SBA-specific forms, three years of business/personal tax returns, business bank statements, licenses, certificates, and any other relevant documentation. Make sure to double-check that you have everything before sending!

Keep in mind – the SBA underwriting process takes anywhere from 30 days to 6 months, potentially longer if there are hiccups or there’s an error on your application, and you have to resubmit it.

There are no “best” SBA loans for every business. Each one will have different needs and unique circumstances, so it’s recommended to carefully consider the option you choose to ensure you’re able to take full advantage of your financing.

How Can You Use Your SBA Loan?

How Can You Use Your SBA Loan?

An SBA loan is an excellent way to finance your big business dreams. Whether you’re looking to start a business, expand one, or fund a special project, SBA loans offer the resources to do so, with generous terms that allow you to repay on an easy schedule. SBA loans also provide access to other resources, such as grants and tax incentives, so you can maximize the efficiency of your capital.

With SBA loans, you can make any idea a reality – from launching your dream startup to creating the perfect product or service.

Business Growth

Buy new equipment or inventory, hire new staff, or prepare for seasonal changes.

Business Expenses

Get extra working capital to manage payroll, bridge gaps in cash flow, or pay bills.

Business Opportunities

Expand or open a second location, take on more clients, or capitalize on bulk order discounts.

Small Business Administration loans can be used for “most” business purposes, including working capital, equipment, construction of buildings, purchasing land, and much more. You can’t use one for investment real estate (to sell or lease), refinance existing debt that would “expose the SBA to a loss,” pay delinquent taxes, or to relocate the borrower from a community where their departure would result in a significant increase in unemployment.

There are some usage distinctions between the loan types, too. According to the SBA, 504 loans can only be used for “major fixed assets that promote business growth and job creation,” meaning you won’t be able to leverage this type for working capital, inventory, or consolidating existing debt.

Remember – the “best” SBA loans are the ones that fit your business and where it’s headed. Make sure to carefully review the usage restrictions, terms, and interest rates before signing on the dotted line to ensure you can Grow to Greatness with as little friction as possible.

Why Choose National Business Capital for an SBA Loan?

Why Choose National Business Capital for an SBA Loan?

Better Terms. Faster Funding. Easier Process.

You have a lot of funding options. National Business Capital, a Specialty Finance Group, centralizes all of your options in one place, allowing you to apply once and receive multiple offers.

The SBA process is notoriously long, but our award-winning team can finalize the process in as little as 45 days. If that won’t work for your timeline, all you have to do is let us know. We can find alternative options that align with your goals and negotiate on your behalf to tailor your contract to your unique needs.

National Business Capital has the experience and creativity necessary to keep your business moving forward, regardless of the market conditions. We look forward to learning more about your business and joining your journey.

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How It Works

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  • 1.Apply Securely Within Minutes

    Move through our streamlined application within minutes and upload your business documents with zero risk.

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  • 2.Review Your Offers

    Compare your offers with expert advice from our team and select the best one for your specific circumstances.

  • 3.Get Funded

    With your money in hand, you can take advantage of opportunities and tackle challenges with confidence.

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Frequently Asked Questions

What Is the Easiest SBA Loan to Get?

Of all SBA loan products, microloans are the easiest ones to qualify for. Most lenders don’t require high FICO scores (575 on average), but you may have to offer collateral or a personal guarantee. Additionally, your business must operate for profit and be in “good character,” meaning the owner can’t have a criminal record with “dishonest” crimes such as fraud, burglary, or theft of any kind.

Does an SBA Loan Hurt Your Credit?

Instead of the traditional credit pull, the SBA leverages the FICO Small Business Scoring Service to determine a borrower’s eligibility, which doesn’t damage credit. Personally guaranteeing an SBA loan won’t show up on your personal credit report, either.

Can You Spend SBA Loans on Anything?

Entrepreneurs can leverage SBA loans for “almost” every business purpose. You can:

  • Purchase land
  • Inventory/supplies
  • Raw materials
  • Improve a property
  • Working capital
  • Equipment
  • Payroll
  • Construct buildings (up to 2)
  • And more!

You can’t use an SBA Loan for investment real estate (to sell or lease), refinance existing debt that would “expose the SBA to a loss,” pay delinquent taxes, or relocate the borrower from a community where their departure would result in a significant increase in unemployment.

What Is the Largest SBA Loan Amount?

The SBA caps funding amounts at $5 million, although you can technically borrow up to $16.5 million. Through the SBA 504 loan program, eligible energy-efficient businesses or manufacturing projects can secure more than one 504 loan, up to $5.5 million each.

10 Reasons Why National Business Capital Offers the Best Small Business Financing

nbc-small-logoBankDirect Lenders


  • 3 Months Bank Statements
  • No Tax Returns Required
  • 2-3 Years Tax Return
  • 2-3 Years Financials
Direct Lenders
  • 3-6 Months Bank Statements
  • 1 Year Tax Return
  • 1 Year Financials


  • One Page – One Minute
  • DocuSign
  • Lengthy
  • Paper Intensive
Direct Lenders
  • Multi-Page Application

Number of Lenders




Direct Lenders


Service Level

Business Advisor



Direct Lenders


Approval Process




Direct Lenders


Speed to Funding

46 Days


3 to 6 Months

Direct Lenders

3 to 6 Months

Collateral Requirements

Not Necessary



Direct Lenders

Sometimes Required

Business Profitability

Not Necessary


Last 2 Years

Direct Lenders

Sometimes Required

Credit Score

685+ FICO


685+ FICO

Direct Lenders

685+ FICO

Credit Check

Soft Pull


Hard Pull

Direct Lenders

Hard Pull

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