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Here’s a look at the maximum variable rates for select SBA loan types, calculated using the SBA set rates added to a current prime rate of 8.50 percent. For more information on how rates are set ...
Depending on the type of SBA loan, you can use the funds for a range of purposes, including to buy equipment, real estate or inventory, but keep in mind that the application and approval process ...
For traditional term loans and Small Business Administration loans, a proposal is key. A loan proposal is similar to a business plan and may be included in one. A loan proposal is similar to a ...
With microloans, borrowers can apply for up to $50,000 in funding. The requirements are a lot more lenient given that the total amount is far less than the typical SBA (7)(a). Other fees associated with the microloan include the application fee, loan processing fee, and the closing costs, which can add between 2 – 4% onto the loan itself.
The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...
The documents needed for an SBA loan 7(a) will vary depending on the lender. In general, it’s a good idea to submit a business plan along with your SBA forms and business financial statements ...