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SBA Loans – 3 Biz Loan Programs & How To Qualify Your Small Business

SBA Loans are among the most affordable types of financing available to small businesses.

At GreatBiz Funding it’s our mission to demystify the world of business lending, to make financing more accessible to small business owners like you. No matter what business you’re in by the end of this blog you’ll have a full understanding of SBA loans, what they are, why they exist and who they’re for and most importantly how to get one.


The Small Business Administration is a government body that exists to support entrepreneurship in America. It backs third-party loans for growth activities like purchasing inventory or equipment, buying real estate and acquiring other businesses with the rates as low as six percent in terms of long as twenty-five years.


SBA loans are among the most inexpensive forms of financing available to small business owners. Appropriate for many general business needs the general SBA 7a loan program is a broad and well-known category providing flexible loan guarantees up to five million. There are also real estate and equipment loans via the CDC 504 loan program which helps business owners obtain property and other tangible assets with a favorable low down payment, fixed interest rates and long repayment periods.


Then there’s the micro loan program which is perfect for businesses that are looking for a $50,000 loan or less to be used towards machinery furniture inventory or supplies.

But how do you qualify for an SBA loan? The first thing you’ll have to do is complete an SBA loan application and eventually you’ll also be asked to produce financial documents, tax returns, legal documentation and a business plan.


Requirements may vary depending on which program you’re applying for but don’t worry not all SBA lenders need this much documentation, you’ll have a great chance of getting approved for an SBA loan if you have a strong credit for pledged collateral in the form of property or equipment, keep detailed financial records showing strong cash flow and produce a thoughtful business plan.

Even if you meet all the qualifications, many lenders would have you prepare for time-consuming application and at least one month for SBA loan approval. But at GreatBiz we can have you approved in as little as 7 business days. Apply here to qualify fast.


SBA loans offer the lowest interest rates and longest repayment term on small business financing but that doesn’t mean they’re right for everyone. We have many options at GreatBiz.com to know for sure you’re getting a good price on working capital.

If you liked this blog or have questions, please comment below.

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