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SBA Loans for Small Businesses
The U.S. Small Business Administration (www.sba.gov) has a number of programs for business owners including many designed to help businesses obtain debt financing. The SBA provides loan guarantees for its lending partners, which is intended to eliminate some of the risk for the lending partner, and does not make loans directly.
There are a number of SBA loan guarantee programs, each with specific guidelines established by the SBA. The SBA lender partner, typically a bank, then structures a commercial loan according to SBA requirements, in order to qualify for the SBA guarantee.
RapidAdvance through its lender network can help you obtain an SBA Loan for your business.
RapidAdvance's financing solutions can also help you obtain an SBA loan, compliment your SBA Loan or act as your financing if you are unable to successfully obtain an SBA loan.
Below is a comparison of an SBA Loan and a loan from RapidAdvance:
|Business Owner Needs To Have:||A Resume.||Possesses strong cash flow.|
|Extensive documents inclduing a sound business plan with extensive projected financial statements.||Needs timely access to capital.|
|Strong personal credit.|
|Does not need immediate access to funds.|
|Necessary Documents:||In depth loan application.||A One-page loan application|
|Income statements and business balance sheets for past 3 years.||The Previous 3 months of credit card statements (only if you are applying for a MCA).|
|Projected balance sheets and income statements for two years.||The Previous 4 months of bank statements|
|Projected cash flow statements for at least the next 12 month|
|Personal and business tax returns for the last 3 years.|
|Accounts receivable aging report.|
|Various legal documents.|
|Average Application Time||2-3 months||
Decision within 48hrs
Funding within 7 days
|Payment Structure||Manual monthly payments.||Daily and automated|