The required documents typically include a completed loan application, personal and business financial statements, income tax returns, a business plan, and details of any other current debt. Lenders may also require additional documentation based on your specific situation and the loan program you are applying for.

Interest rates for SBA loans are typically lower than those for conventional loans and are influenced by factors such as the Market Prime Rate, loan size, and term length. Repayment terms vary based on the type of loan and its purpose, with terms up to 25 years for real estate and up to 10 years for equipment or working capital.

SBA loan amounts can vary significantly depending on the loan type and the needs of the business. For example, SBA 7(a) loans can provide up to $5 million, while SBA Microloans offer up to $50,000. The exact amount you can borrow will depend on your business’s financial situation and the purpose of the loan.

Eligibility requirements vary based on the specific SBA loan program but generally include having a for-profit business operating in the U.S., meeting SBA size standards, demonstrating a need for the loan, and having a sound business purpose. Additionally, the business owner must have invested equity and exhausted other financing options.

SBA loans are government-backed loans provided through approved lenders. The Small Business Administration (SBA) guarantees a portion of the loan, reducing the risk for lenders and allowing them to offer favorable terms and lower interest rates to small businesses.