Interest rates are negotiated between the borrower and the lender but are subject to SBA maximums pegged to the Prime Rate. Borrowers may also be required to pay SBA loan guarantee and servicing fees as determined by the amount of the loan guarantee. Businesses must be for-profit , be engaged in or propose to do business in the U.S.or its possessions, have owner equity to invest, and use alternative financial resources first including personal assets . Click Here for more details. Maximum loan term is 6 years.
Interest rates vary depending upon the lender.
Some type of collateral , and the personal guarantee of the business owner will generally be required. Start-up, newly established, or growing small businesses. Click Here for more details. Click Here for participating lenders. Lenders use their own forms and processes to approve loans guaranteed by the SBA, with notification of approval from the SBA within 36 hours .