www.sba.com is a website owned and controlled by the American-based federal agency; SMALL BUSINESS ADMINISTRATION. Small Business Administration (SBA) is an agency whose interest is to help small business owners and entrepreneurs grow their businesses. SBA does this by offering consultation and counseling services and loans. They also provide capital and contract expertise for small business owners and entrepreneurs.
SBA also helps to start up and grow businesses by offering free counseling services to entrepreneurs and partnering with lenders to make loans available to small business owners and entrepreneurs. But in the case of businesses or homeowners recovering from a disaster, SBA offers direct loaning services.
What is SBA 7(A) LOAN?
The SBA 7(A) loan is a type of loan offered to small business owners by private lenders (also known as SBA approved lenders). This loan is backed up by the Small Business Administration. SBA helps small businesses secure this loan even if they don’t qualify for a business loan by guaranteeing a portion of the amount borrowed, limiting fees, and capping the interest rates.
The 7(A) loan program which is the most common SBA program covers more than 6 types of SBA loans. Each of these loans is designed to meet different needs and they vary in their loan amounts, SBA guarantees, and other term details. Most SBA 7(A) Loans allow small businesses to borrow up to five million dollars.
Who is Eligible for SBA 7(A) Loan?
There are certain requirements you need to satisfy for you to be able to apply for SBA 7(A) loan, to be eligible, the business must;
- Operate for profit.
- Operate (or intend to) operate in the United States of America.
- Be in need of a loan.
- Use the funds for a sound business purpose.
- Be recognized as a small business by SBA.
These are just a few of the requirements needed to apply for a 7(A) loan. For more information on this loan, click here.
SBA Lender Match
To help individuals launch, grow and manage their businesses, SBA helps entrepreneurs find suitable lenders so they can fund their businesses. This is done by using the SBA lender match.
How to Use the SBA Lender Match
To use the SBA lender match, follow these simple steps;
- Open the web browser on your internet-connected device and enter the URL-sba.gov on the search bar.
- Click on the menu button at the top right corner of your display screen.
- Click on “Funding Programs”.
- Click on “Loans”.
- Click on the “FIND LENDERS” button.
- Carefully read through the details on the opened page.
- Click on “FIND LENDERS”.
- Fill in your “Name”, “Email address” and “Phone number”.
- Click on “NEW REQUEST”.
Follow the rest on-screen instructions to be matched with a lender who is interested in your loan.
How do I Locate an SBA Office Near Me?
Do you want to get more details as a small business owner about SBA’s program? Do you want to apply for an SBA loan? You can locate any SBA district office near you by following these instructions below;
- Access the platform on your internet-connected device by clicking on this link-https://www.sba.gov/local-assistance/find.
- Fill in your “Business Zip code”
- Click on the “SEARCH” button.
With this, you will be able to locate and visit the SBA district office closest to you.
SBA Customer Care Service
To learn more on how to apply for SBA loans, to book a counseling session with SBA for your business, and lots more, you contact the SBA customer care service by clicking on this link.