If you are a business owner, you can now seek the help of SBA in expanding your business, and here are 8 ways how the SBA can help you.
1. The SBA Express Program Loan can bring in a huge amount of cash
The express program loan can lend you up to $500,000. These loans are processed thoroughly to make sure that you’ll hear from the SBA about the express program loan within three days. Once the express program loan is approved, it will take up to 20 days or a month from the approval date before you will get the money.
2. People from the SBA will have assistants in place for you to process your express program loan
Applying for a loan without assistance can be very challenging and intimidating. Luckily, the SBA will have assistants to assist you every step of the way to make sure you will have your loan and land the best deal.
3. The SBA ensures guarantees for your express program loan
The SBA ensures 50% of your loan amount in the event that you were denied a loan from other financial institutions. This way, the lender will know if you missed your payments, and the SBA will then come forward and repay the loan’s 50%.
4. The interest rate is low
Once you will apply for the express program loan, you can opt for the lowest interest rate with your lender through the SBA. The interest rate will never exceed the amount the SBA set. In short, SBA guarantees that you will not pay a huge amount for a loan.
5. You will have enough time to pay your debt
In the SBA express program loan, depending on the size of your loan, you will be provided with enough time to pay for it because the SBA sets reasonable terms for the payment of your loan.
6. The SBA is on your side
SBA will set the loan standards and guarantees 50% of your loan but you will still be receiving your loan from an outside lender. The lender will make the final credit decision but SBA ensures that you are not alone in the process and guarantees the highest amount possible for your loan.
7. The express program will bring in cash to cover the cost of your business expansion
The SBA can cover almost anything that you need for your business expansion. From the purchase of machinery or materials needed to cover the costs of renovation. For more details, give SBA a call.
8. In the express program loan, you will have a higher chance of being eligible.
There are times that you may not be qualified for a loan because of various qualifications and conditions but through the SBA express program loan, you will have a higher chance of being qualified for a loan.