SBA Loans

GROW YOUR BUSINESS AFFORDABLY

Small Business Administration

A loan from the U.S. Small Business Administration is the best and most affordable way to obtain financing for your small business if you have strong credit and business financials. SBA loans are partially guaranteed by the federal government, which allows lenders to offer you flexible terms and low-interest rates. Read on to find out if your business qualifies for an SBA 7a loan.

BUSINESS FUNDING SBA 7(a) Express Loans

Loan Amounts

From $30,000 to $500,000

Flexible Repayment

Terms up to 10 years

SBA Loan Rates

Low rates: 5.9% to 7.9%

What is a SBA loan?

A small business loan backed by the U.S. Small Business Administration (SBA) is one of the most affordable ways to finance your business. With flexible terms and low-interest rates, SBA loans are accessible to American business owners and entrepreneurs who have well-established businesses with a strong credit history.

An SBA loan is a form of conventional financing that comes with stringent requirements. These loans are partially guaranteed by the U.S. Small Business Administration and are issued by authorized lenders such as Gloven Capital.

Through these government-backed loan programs, the SBA is helping entrepreneurs, veterans, women, and minorities gain easier access to lending opportunities by offering banks and private lenders a partial repayment if the business defaults on payments. This reduction in risk for lenders leads to flexible terms, low annual percentage rates (APR), low interest, and low down payments for borrowers.

It is important to remember that the SBA does not lend money directly to small business owners; instead, it sets guidelines for loans made by its partnering lenders.

SBA Loan Programs

There are different types of SBA funding programs for business owners. Deciding which one is right for you, will depend on the goals and needs of your business, its size, and the time operating.

The only two loan programs that are available through Gloven Capital are the 7(a) and the 504. If you’re looking for other types of SBA financing programs, visit the Small Business Administration’s website by clicking any of the links below.

CAPLines / Export Loans / Disaster Loans / Microloans

Eligibility Requirements

In order to expedite the process, you should have certain documents ready before applying for a loan.
Here’s just some of what you’ll need to apply for a small business administration loan:

Signed
Completed Personal Financial Statement
12 months of business bank statements
2 Years of Business Tax Returns
2 Years of Personal Tax Returns
Year-to-date Financial Statements
- Profit & Loss Statement
- Balance Sheet
Copy of Recent Credit Score

SBA 7a Loan

The 7(a) is the most popular loan program. The loan amounts on the 7A program could go up to $5 million.

Business owners love it for its long terms and flexibility, and because you can use it to alleviate most of the business necessities—making the loans more manageable for borrowers.

The Small Business Administration 7(a) loan could be used to purchase or lease equipment and machinery, inject working capital into your business, refinance existing debt, purchase an existing business, purchase furniture, construction & remodeling, acquiring real estate, fulfill seasonal inventory demands, and much more.

SBA’s Features

✔ Up to $5,000,000
✔ Funding time: 30-60 days
✔ Lowest interest rates (5%-9%)
✔ Long repayment terms (3-25 years)
✔ Great for Businesses that need working capital
✔ Funds could be used for general business purposes
✔ The most affordable way to obtain financing for your business

Loan Requirements
✔ Credit Score (FICO): Above 680
✔ No recent bankruptcies, tax liens, or foreclosures
✔ Collateral might be required if the loans are above $25,000
✔ The business must be physically located in the United States

SBA CDC/504 Loan Program

The Certified Development Company (CDC) loan was designed for businesses that wish to purchase fixed assets for expansion or modernization such as business equipment, machinery, furniture, or commercial real estate. It requires a low down payment (Starting at 10%) and provides fixed interest rates with long repayment periods.

CDC/504 loans are popular among businesses that are planning to buy or build owner-occupied commercial properties. However, these businesses have to occupy at least 51 percent of the commercial building.

SBA 504 Loan Features

Loan Amounts: Up to $10,000,000
Terms: 10-20 years
Funding time: 30-60 days

SBA 504 Loan Requirements

Business must have a net worth of less than $15 Million
Business must have an average net income less than $5 million after taxes for the preceding two years.

If you’re not sure which loan program is right for you, Gloven Capital can help. Talk to one of our specialists, and he or she will evaluate your business’ needs, explain the pros and cons of each program, and help you decide which program is right for you. And if your business is still not yet eligible for SBA funding, we will be honored to work together until we secure the much-needed financing.

Do You Qualify for a SBA Loan?

Call to Speak to a Lending Specialist

Apply today and find out. No cost, no obligation.

How can I get a SBA-guaranteed loan?

Gloven Capital has streamlined the application process for all kinds of funding, making it easier than ever to access the capital you need. However, loans secured by the Small Business Administration (SBA) come with stricter approval requirements compared to other types of funding.

To be eligible for an SBA loan, your business must meet the following criteria:

Business Experience: You must have been in business for at least two years.
U.S. Citizenship or Legal Status: You must be a U.S. citizen or a legal permanent resident.
Business Eligibility: Not all types of businesses qualify. Make sure to check the SBA’s eligibility list before applying.
Clean Financial History: You must not have had any bankruptcies in the last three years or defaults on government-backed loans.
Cash Flow: Your financial statements must demonstrate that your cash flow is sufficient to support the loan repayment.

If your business meets these conditions, an SBA loan could be a great option to access affordable financing with favorable terms.

How can I use the funds?

With an SBA loan, you can use the proceeds for a wide range of purposes that help your business grow and thrive. These include:

Short- or Long-Term Working Capital: Whether you need funds to manage day-to-day operations or plan for long-term business growth, an SBA loan can provide the working capital you need.
Seasonal Financing: If your business experiences fluctuations in demand during different times of the year, you can use SBA funds to manage your seasonal cash flow needs.
Construction Financing: If you’re looking to build or expand your business premises, an SBA loan can help finance construction projects.
Inventory Purchases: An SBA loan can help you purchase inventory to keep your operations running smoothly.
Equipment or Real Estate Acquisition: You can use the funds to purchase essential equipment for your business or buy real estate to expand your operations.
Renovations: If your business premises need upgrades or renovations, you can use the loan to improve or renovate existing real estate.

This flexibility makes SBA loans an excellent choice for businesses looking to invest in both short- and long-term growth strategies.

How To Qualify

✔ Credit Score: 680+

✔ Time in Business: 2 years

✔ Annual Revenue: $500,000

How To Qualify

✔ Profitability on Tax Returns: 15% – 30%

✔ Credit History: No recent bankruptcies, charge-offs or settlements

✔ Overdrafts and Negative Days: Less than 5 per year

HAVE ANY QUESTIONS?

We’re here to help. Send us an email or call our experts at 1-305-890-9000

GROW YOUR BUSINESS AFFORDABLY

SBA LOANS

Small Business Administration

BUSINESS FUNDING SBA 7(a) Express Loans

Loan Amounts

Flexible Repayment

SBA Loan Rates

What is a SBA loan?

SBA Loan Programs

Eligibility Requirements

SBA 7a Loan

SBA’s Features

SBA CDC/504 Loan Program

Do You Qualify for a SBA Loan?

Call to Speak to a Lending Specialist

How can I get a SBA-guaranteed loan?

How can I use the funds?

How To Qualify

How To Qualify

HAVE ANY QUESTIONS?

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