Small Business Administration Loan
This is a business loan backed by the Small Business Administration. While anyone can apply for an SBA loan, they can be hard to get approved, take time and thorough submission of materials. If your business has the time, an approved SBA has a preferred rate and duration that is very helpful to new and existing businesses. Our dedicated specialists will help you navigate the protracted process and comprehensive submission needed to achieve approval.
To submit you will need the following –
At least one (for newer businesses) 2 years of tax returns for the business preferred
2 years of personal tax returns
Year-to-date financials for the current year – Profit & Loss and Balance Sheet (This can be an Excel sheet or printed from Quickbooks)
This process can take more than 5 weeks and may require updated financial package submissions.
Loan amounts from $25K to $500K
Rate of Prime+2.75% (Typically 5 – 8% depending on you credit profile)
Loan terms up to 10 years
No prepayment penalties
Book a time to speak with one of our experienced professionals for a free consultation on the best options for your business. BizFi appreciates the opportunity to support your business.