What is an SBA?
A Small Business Administration Loan (“SBA Loan”) is a small business loan program administered by the Small Business Administration and is partially guaranteed by the government. This program works with other financial institutions to help give small businesses access to working capital that has longer terms and lower interest rates. Most businesses seeking working capital to purchase inventory, operate or expand a business can benefit from a SBA Loan.
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Secure Financing For Your Business
Many companies have business needs such as expanding in technology or location, payroll needs, new marketing endeavors, which require access to working capital that have longer terms and lower interest rates. SBA Loan amounts typically range from $500 to $5.5 million dollars upon approval. Due to the fact that an SBA Loan is partially guaranteed by the government, it helps reduce the lender’s risks, which allows for the lower rates and longer terms.
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SBA Loan Details
Advantages
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Broad eligibility requirements
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Capped interest rates
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Small and large loan amounts offered
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Businesses typically not approved for traditional loans could qualify
Disadvantages
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Borrowers typically must make a down payment
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Collateral could be required
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Slow approval process
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Low-credit applicants generally not approved
Will your business qualify?
Approval for an SBA loan from Mahomes Capital Funding isn’t based on your credit score alone. We focus on the overall health of your business. Here are some factors we consider:
Which documentation is required?
We at Mahomes Capital Funding want to make the funding process as simple as possible for you. Therefore, minimal documentation is needed for your application
650+ personal credit score
2+ years in business
The business owner must be a U.S. citizen or legal permanent resident
Must not have outstanding tax liens
No bankruptcies or foreclosures in the last 3 years
Signed one page funding application
Business mortgage statement (if you own); business lease agreement (if you rent)
Full credit report
Recent business bank statements
Business tax return (not all cases)