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How To Get an SBA Loan

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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.

how to get an sba loan

Fast SBA Loan Options

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.

  1. Traditional SBA 7a Loan: The 7(a) SBA program is the best option for most businesses who have general business needs, like working capital costs. With a 7(a) SBA loan, you can secure up to $5M to repay within 10 or 25 years.
  2. CDC/504 Loan Program: A CDC/504 SBA loan program is typically used to cover large fixed assets like commercial real estate or equipment financing. This program offers up to a $5.5M loan with repayment terms lasting either 10 or 20 years.
  3. Microloan Program: The Microloan SBA program offers small-sized loans to newer, smaller businesses who are looking to grow and expand. These loans fall under the $50K amount and usually have longer repayment terms across the span of six years.

SBA Loan Requirements

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.

SBA Loans for Business : SBA 7a Loan – SBA Microloans

Ways To Use Your SBA Loan

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:

  1. SBA Loan for Payroll: Make the most out of the summer season without worrying about payroll. Payroll takes time when it is handled manually. However, there are payroll services that you can use to automate the process and help to streamline operations. On the other hand, if you need help meeting a payroll increase, financing via SBA loan can help.
  2. SBA Loan for Bookkeeping: Bookkeeping services can also be streamlined by using automated software in an effort to save labor costs and employee time. Cloud-based bookkeeping technology eliminates the efforts associated with tracking your company’s finances and expenses. Use your loan to reduce the hassle of traditional bookkeeping by funding an investment in bookkeeping software.
  3. SBA Loan for Hiring: If you run a seasonal business, then you may want to allocate funds toward hiring new employees when the busy season arrives. Contractors tend to hire the most new crew members in the summertime, but competent construction hires are difficult to come by. Secure quality candidates when you find them and keep current loyal employees from working for your competition by offering good salaries that are funded from an SBA loan.
  4. SBA Loan for Financing: If your company’s tools and technologies are outdated, use a business loan to finance new equipment. For example, there are several exciting trends in the dental industry this year that require finances to attain. However, the payoff is worth it, as modern equipment can be the difference between keeping current clients and leaving a bad impression on new clients when they enter your office.
  5. SBA Loan for Marketing: Does your business have a solid marketing plan that generates leads and attracts website visitors? Securing an SBA loan is a great way to start a marketing campaign or boost your current budget. Depending on your loan amount, you may consider setting up a digital campaign complete with paid ads, search engine optimization (SEO), and content marketing initiatives to drive sales and increase brand awareness.
  6. SBA Loan for Working Capital: Working capital enables business owners to cover the day-to-day costs associated with running a business, like rent and utilities. If you have any outstanding bills or payments that need to be fulfilled, an SBA loan is the perfect way to gain peace of mind by paying them off.

Get Quick Approval For An SBA Loan

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.

Last Updated on May 31, 2019

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!

About the Author, Joe Camberato

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.





Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.