The U.S. Small Business Administration (SBA) is a federal agency that was created to help and protect small business owners. The SBA gives out loans via private lenders to help small businesses with their capital and operating needs. Stonebriar Mortgage works with the SBA to help Dallas, Texas and California business owners. We help provide the loan, and the SBA insures it. For this reason, we can get you a great rate on a small business loan. In this week’s blog post, Stonebriar Mortgage is here to help you learn all you need to know about small business loans in Dallas, TX and California.
Varieties of SBA Loans
One of the more frequently used SBA loans is known as the 7(a) Loan Program, which provides general small business loans for a variety of needs. Business owners can use 7(a) loans for working capital, for equipment or furniture purchase, for remodeling, or for revolving funds. Since the SBA insures the loans, they are guaranteed for up to $5 million.
Other varieties of SBA Loans include:
- Disaster loans, which come with low-interest rates and aid business owners to repair and replace equipment and property after a natural disaster or unexpected event. These SBA loans are available for up to $2 million.
- Certified Development Company/504 loans, or Real estate and equipment SBA loans, are used for the purchase of land, improvements, new construction, or long-term equipment and machinery. These loans may also be approved for up to $5 million.
- SBA Microloans were created for small business owners that need a small, short-term loan. This simpler loan option provides funds up to $50,000.
Stonebriar mortgages works with businesses of all types. We are here to help you learn which type of SBA loan your business may need and gain approval for. Our professional staff can help review your finances and also make sure the loan helps create the best option for your financial future. We can show you the great SBA loan competitive rates. These can be very competitive against a traditional business loans, which is great for a small growing business.
Small Business Loan Requirements from the SBA
In order to understand the repayment term for your SBA loan, you will need to review in detail how you intend to use the funds from your lender. For example, with working capital or daily operation loans, the maximum term is up to seven years. With a purchase of new equipment, the maximum term is up to 10 years. In real estate purchases, the term can be up to 25 years. The interest rates and term will vary.
Getting Help with Your Small Business Loan
Stonebriar Mortgage works with business owners in Dallas, TX and California to get the funding they deserve for their ultimate success. Contact Stonebriar Mortgage today to get started!