What Are The Different Types of SBA Loans?
The Small Business Administration (SBA) is an extension of the US government whose main purpose is to assist entrepreneurs like yourself through various programs. The most appealing and well known program of the SBA is its loan program, designed to help you raise capital for your small business.
The unique thing about SBA loans is that they are government backed loans that banks or other lenders offer to small business. In doing so, the SBA takes the risk away from lenders and gives entrepreneurs access to loans at competitive interest rates. In fact, many loans offered through the SBA restrict large businesses, businesses with a lengthy operating history, or non profit businesses from applying.
The key loans offered are the 7a, CDC/504, Micro, and specialty loans.