I am starting up a new business and was wondering where are good sources for sba microloans and such.
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The official SBA website has a lot of info regardless but beware, those interest rates have been known to blow up.
SBA loans can be pretty tedious for established businesses, and even more so for startups. But it’s doable! Here are some general guidelines:
- $50,000 to $5,000,000 loan sizes
- Full underwriting (tax returns, PFS, financial, SBA forms, etc.)
- 700+ preferred credit
- No minimum time in business - startups considered with strong collateral, experience, and personal sponsorship.
- Rates are usually Prime + 1.75% to 3.00%
- Fully amortized loans from 10 to 25 years