SBA-backed loans can help with trucks, equipment, buildings or acquisitions.
In this article
Loan types
Programs vary.
Uses
Growth investments.
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Requirements
Credit and history.
Documents
Tax returns and statements.
Lenders
SBA-approved banks.
Where to start
Organize two years of tax returns and financials and talk to an SBA lender.
An example
A company used an SBA loan to buy two trucks. The added capacity paid off within a year.
Common mistakes
Messy books, borrowing without a plan and ignoring terms.
What to track
Track debt payments and return on investment.
Questions to ask
What will we buy? Can we repay? Are our books ready?
A closer look
SBA loans usually take longer than other financing, so start before you urgently need the money. Lenders look at cash flow, credit, time in business and the purpose of the loan. Clean bookkeeping and a short written plan explaining how the loan will increase revenue make the process easier. Compare offers from more than one SBA-approved lender, since terms and service can differ.
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Frequently asked questions
What can SBA loans be used for?
Common uses include working capital, equipment, vehicles, real estate and buying a business, depending on the loan program and lender.