Listen To This Article
2 min read. September 4, 2021 – Updated by Lauren Coppolone
Are you a business owner who needs extra funds in the quickest amount of time possible? Fortunately, there are various ways to secure a fast Small Business Administration SBA loan for any industry with great terms in as little as a few weeks.
The SBA loan program that you ultimately submit an application for will depend upon your company goals, size, and time in business. Small business owners can qualify for express SBA loans up to $5M in many different ways, and the type of business you run and the industry in which your business falls under doesn’t matter.
Although any business can secure SBA funding, there’s a lot of bad advice out there regarding SBA loans. There are specific requirements you must meet in order to qualify for your loan and and receive fast approval. The three main requirements associated with getting approved for an SBA loan include a FICO credit score over 685, two or more years in business, and at least $100,000 gross sales per year.
Most borrowers who receive approval earn over $180K annually, have a 680 credit score, and have been in business for four years. You will also need to provide the necessary paperwork and documentation to prove your eligibility to the lender of your choice.
The funds you receive from a small business loan can be used for various purposes. Depending on the time of year and what your company needs to accomplish, your reasons for applying for an SBA loan may drastically differ from a business owner within another industry.
Here are six of the many ways you can use an SBA loan to quickly grow your business:
If you have a FICO credit score over 685, apply for an SBA loan today through National and get approved in as little as 45 days! Call us at (877) 482-3008 or complete our quick online application to speak with a member of our team about your business’s funding needs.
National Business Capital is the top FinTech marketplace offering small business loans and financing. Harnessing the power of leading technology and smart people, we’ve streamlined the application process to secure over $1 Billion in financing for business owners nationwide.
Our Business Financing Experts work within our 75+ Lender platform to match you with the right option. Easily access the best low-interest SBA loans, short and long-term loans, business lines of credit and equipment financing all in one place.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.