Business News Daily posted an article that simply and thoroughly defined all aspects of small business loans. For small business owners, it is always in their best interest to have a complete understanding of the finance options available to help support their business. SBA loans may not seem like the first option, but they are a great way to get necessary funding when other bank options are often unavailable. Whether this would be used for expansion, debt consolidation, business acquisition, or a large-scale event such as the COVID-19 pandemic, these loans can provide the stability for a business and peace of mind to the owner.
So, what is an SBA loan? SBA loans may be used when an owner borrows money from a lender that is supported by the government while partnering with the Small Business Administration. This partnership keeps interest rates lower and regulates the loan amount. SBA loans tend to be easier for people to qualify and have longer loan terms as well, for added flexibility to the business owner.
There are several types of SBA loan programs based on loan amount, interest rates, and other miscellaneous factors, each suited to address an individual need from a small business owner.
If you are interested in reading more about defining SBA, click here for the full article The Small Business Owners’ Guide to Getting an SBA Loan” by Matt D’Angelo at Business News Daily.
To learn more about available SBA loans, see our website at www.starbanco.com or call us directly at 888-308-3400.