Complete Guide to SBA Loans: Types, Application Process, and Mistakes to Avoid
Complete Guide to SBA Loans: Types, Application Process, and Mistakes to Avoid
Small Business Administration (SBA) loans are one of the most valuable financial tools for small businesses in the United States. These loans provide favorable terms, longer repayment periods, and lower interest rates compared to conventional loans. This guide will help you understand the types of SBA loans, the application process, mistakes to avoid, and how Financely’s end-to-end support can help your business secure funding efficiently.
Application Process for SBA Loans
Applying for an SBA loan can be a complex process, but with proper preparation, it becomes manageable. Below is a step-by-step flowchart illustrating the SBA loan application journey:
Understand the purpose and amount of funding required for your business.
Ensure your business meets SBA requirements, including size standards and operational criteria.
Gather financial statements, tax returns, and a business plan.
Select a bank or financial institution that partners with the SBA.
Complete the application and provide all required documents to your lender.
Your lender will review your creditworthiness and collateral.
If approved, you’ll receive the funds as per the agreed terms.
Types of SBA Loans
Loan Type | Purpose | Loan Amount | Repayment Term |
---|---|---|---|
SBA 7(a) Loan | Working capital, equipment, real estate | Up to $5 million | Up to 25 years |
SBA 504 Loan | Fixed assets | Up to $5.5 million | 10 to 25 years |
SBA Microloan | Startup costs | Up to $50,000 | Up to 6 years |
How Financely Can Help
At Financely, we offer complete end-to-end support for your SBA loan application. Our services include:
- Eligibility assessment
- Documentation preparation
- Lender matching
- Application management
Get Started With Us
Submit Your Deal & Receive a Proposal Within 1-3 Working Days
Submit your deal using our secure intake form, and receive a quote within 1-3 business days. Existing clients can connect with their relationship manager through our secure web portal.
All submissions are
promptly reviewed, and all communications are conducted through the intake form or the client portal for a seamless and secure process.
Thank you for considering working with us. A nominal fee of US$500 is required upon completion of each form. This fee covers the time and effort we invest in reviewing your submission and crafting a thorough proposal. We receive numerous inquiries and prioritize those that carry this fee, ensuring serious applicants receive prompt attention.
Trade Finance
Tap into solutions like letters of credit, bank guarantees, and payment facilitation. We address the challenge of global transaction risk through structured strategies that foster cross-border growth. Complete the form to unlock streamlined funding aligned with your commercial objectives.
Submit a RequestProject Finance
Access non-recourse funding for infrastructure, renewable energy, or other capital-intensive ventures. We mitigate capital constraints by isolating project assets and focusing on risk management. Provide your details to receive a structure that drives growth and maximizes returns.
Submit a RequestAcquisitions
Secure financing for business or real estate acquisitions. We ease transaction hurdles by reviewing cash flow, synergy opportunities, and exit plans. Complete the form for a customized proposal that supports your strategic investment objectives.
Submit a RequestFor Banks
Financely assists banks facing Basel III pressures by distributing trade finance deals and providing collateral for letters of credit. We reduce capital burdens while preserving client relationships and fostering service expansion. Submit your request to optimize your trade finance offerings.
Submit a RequestOnce we receive your submission, our team will review your information to determine feasibility. If eligible, you will receive a proposal or term sheet within 1–3 business days. Visit our FAQ and Procedure pages for more information.
Disclaimer: Financely provides financing based on due diligence and feasibility. Approval is not guaranteed, and past performance does not predict future outcomes. All terms are subject to review. Financely primarily assists with structuring and distribution. Qualified parties carry out the project if the client approves the proposal.