At SMB SBA, LLC, we specialize in helping small businesses access the funding they need to grow and succeed. The Small Business Administration (SBA) is a federal agency that supports both new and established businesses by making financing more accessible. However, when you receive an SBA-backed loan, you’re not borrowing directly from the SBA. Instead, you’re securing funding through an approved financial institution that partners with the SBA to offer small business loans with competitive rates and flexible terms.

When you apply for an SBA loan through SMB SBA, LLC, you’re securing financing from a trusted lender with the backing of the Small Business Administration (SBA). This partnership allows your business to access the funding it needs with more flexible terms. The advantages of an SBA-backed loan include easier qualification, extended repayment terms, and lower down payment requirements (sometimes $0), making it a smart financing solution for growing businesses.

At SMB SBA, LLC, we can help you start the application process with your SBA loan or business line of credit application. We’re here to help you navigate the process and find the right financing solution for your business. The easiest way to get started is to use the online portal to start your application process. You’ll be given instructions on the documents we need in order to get you approved.

At SMB SBA, LLC, we understand that SBA loan processing times can vary based on the purpose of the loan. With access to Preferred Lenders, we work with top financial institutions to ensure your SBA loan application is processed efficiently and seamlessly, just like a conventional small business loan. Our goal is to help you secure the funding you need as quickly as possible. Because of our experience, we’ll tell you up front exactly what you need so we can limit surprises and delays.

At SMB SBA, LLC, our SBA loan programs are designed to support a wide range of business needs. You can use an SBA loan for business expansion, partner buyouts, tenant improvements, ground-up construction, equipment financing, and owner-occupied commercial real estate purchases, working capital, purchasing a businesses, or refinancing debt. Whatever your growth goals, we’re here to help you secure the right funding solution.

To qualify, businesses typically need to meet the following requirements:

• Operate as a for-profit business in the U.S. (Certain industries, such as real estate investment firms, religious organizations, and gambling businesses, are ineligible.)
• Meet the SBA’s size standards for a small business.
• Demonstrate creditworthiness and the ability to repay the loan.
• Exhaust other financing options before applying for an SBA loan.
• Show a clear business need and how the loan will be used.
• Be current on all government loans (no delinquencies).
• Provide collateral for loans over $50,000.
• Owners with 20% or more ownership must provide a personal guarantee.

While the SBA doesn’t set specific minimums for creditworthiness, lenders typically look for:

• A strong personal credit score (690+ recommended)
• Solid annual revenue
• At least two years in business

If you meet these criteria, an SBA 7(a) loan could be the perfect financing solution to grow your business. Contact us today to get started!

Depending on your business financials, businesses that have been operating for at least 2 years can get access to funds ranging from $10,000 to up to $5 million. The amount you qualify for will be based on your revenue.

Closing on an SBA 7a loan usually takes about 30 days on average, with most loans loans closing between 15 and 45 days. If we have everything we need, that can be as quick as 15 days. If underwriting needs additional information about your business, that can delay closing a bit. We try to anticipate the needs for underwriters and prepare the documents we need to limit any delays.

For most loans, interest rates will be Prime + 2.75% on average. Credit history and business financial standing, the loan amount and terms can all play a role in determining the rate for your specific SBA loan. Most loans will fall near the prime rate + 2.75%.

Lenders need to see at least a 640 FICO credit score. If you are below the 640 minimum FICO score, there are still funding options available, although not through the SBA. We can usually still source funding, but the terms are usually shorter and the interest rates are a little higher.

You’ll have access to a business documents portal where you can securely upload your documents. The portal will have a place to upload each specific document required, making it easy to deliver what is needed.

For most businesses, you’ll need the following:

• Last 2 years of business tax returns
• Last 2 years or personal tax returns
• Current year Balance Sheet
• Current year P&L
• Personal Financial Statement (we’ll provide a worksheet to use)
• Proof of Insurance

Other documentation may be required based on your financial standing and business structure, but this will get the application started.