What Is An SBA Loan?
An SBA Loan is a government backed loan that can be used to start or expand a business. The loan has certain requirements for eligibility, such as size standards, proving the ability to repay the loan and solid business purpose. The SBA works with specific lenders to offer their programs which eliminate the risk from the lender since they are backed by the government.
How To Apply For An SBA Loan
In order to apply for an SBA loan, you should follow these steps:
- Check your eligibility
- Choose the right program for your business
- Research trusted SBA lenders
- Prepare your documentation
If you are unsure if your business will qualify for an SBA loan, it’s best to reach out to a trusted lending partner to discuss your options and potential eligibility.
The SBA’s requirements include:
- Good to excellent personal credit
- For-profit business
- No previous delinquencies on government loans
- Must be in business for at least 3 years
- Must be considered a ‘Small Business’ from the SBA
SBA 7(a) may be available if your business does not meet the minimum time in business or credit score requirements. To learn more complete our 15-second online application today.
What Is a SBA 7A Loan?
A SBA 7(a) loan is the primary product from the SBA. It isn’t a loan directly from the SBA, rather, the SBA helps small business owners secure loans by guaranteeing a portion of the amount borrowed, capping interest rates, and limiting fees. Generally qualified business owners can use a 7(a) for any business purpose.
ROK Financial has access to a wide variety of SBA Loans. To explore your options, complete our 15-second online application.
What Is an SBA 504 Loan?
SBA 504 loans are generally used for buying fixed assets like equipment or real estate, which ultimately acts as collateral for the loan itself. This program may require a down payment and are made available through Certified Development Companies (CDC’s) not lenders.
Learn more about ROK Financials SBA loans by completing our 15-second online application.
What Do You Need To Qualify?
3+ Years in Business
You can qualify for our top financing options with as little as 3 years in business.
$83,000+ Monthly Gross Sales
The minimum revenue to qualify for financing options are $83,000+ per month, or $1,000,000 in annual gross sales.
680+ Credit Score Required
We have financing options for all credit profiles. To qualify for funding from the SBA, a 680+ credit score is required.
Our simple 15 second online application can get you matched with offers in minutes.
No Cost Advisor
You’ll get matched with your own dedicated Business Financing Advisor at no cost!
Get matched with the best financing options with the highest funding amount.
Our Fintech Speed can reduce your SBA loan process to as little as 45 days!
Simple 15-Second Business Loan Application
After completing this simple application, we’ll pair your with a dedicated Business Financing Advisor to choose the best financing options for your business!