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SBA loan statistics. According to the SBA, at the end of 2023 fiscal year:. $27.5 billion in SBA 7(a) loans was approved. Almost 70 percent of 7(a) loans were for amounts under $350,000
To apply for an SBA 7(a) loan, you will need to work with a lender approved by the SBA. ... The SBA 7(a) loan program is the U.S. Small Business Administration’s most popular SBA loan because it ...
To get an SBA loan, you apply through an SBA-approved lender. This will require extensive documentation, including personal and business financial statements, a business plan and SBA-specific ...
The U.S. Small Business Administration Community Advantage Loan program is designed for new and existing businesses that need loans under $250,000. The loan can be used to finance a startup company or expand an existing small business or buy real estate. The SBA guarantees 85 percent of loans up to $150,000 and 75 percent of loans greater than ...
Through the SBA 7(a) program, borrowers can get loans up to $5 million. Microloans : These are small loans, often available from SBA lenders. The maximum loan amount from the SBA is $50,000.
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.
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