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SBA Loan Details
MAXIMUM LOAN AMOUNT
$5K - $5 Million
LOAN TERM
3 Months - 2 Years
INTEREST RATES
9.99% - 24.99%
SPEED
As Fast As Same Day
- Pros
- Worthiness criteria are broad
- Businesses who get denied conventional loans could qualify
- Loan amounts of all sizes are available
- Fixed interest rates
- Assistive resources available
- Cons
- Down payments are a must by borrowers
- Collateral might be a necessity
- Failure of business results in personal liability
- The process of approval is slow
- Low-credit applicants usually aren't entertained
Quick Business Loans
1
Apply in Minutes
2
Get Approved Quickly
3
Receive Funds
SBA Loan Qualifications
Even though conventional SBA loans are much easily acquired than bank loans. They're still harder to acquire than most uninstitutional loans. They generally take longer to process paperwork, have a higher rejection rate, and require a lot more paperwork than direct online lenders. Some SBA loans have lightened the requirements due to the economic pressure brought on by COVID-19, but only to help as many owners of small businesses as we can.
SBA Loan Application Procedure
If you want a pre-approval letter, you'll have to provide enough information for the lender to assess your loan application. You can speed up the approval process by providing these documents in addition to the standard ones such as your business license:
- A three-year tax return
- Current financial statements
- Cash flow and income statements
- Statements of balance
- Projections of sales
Financial aid can accelerate business growth
SBA Loans for any need that may arise
Small businesses can obtain an SBA loan for just about any need. 504, 7(a), and Express loans are common SBA loans.
SBA 7(a) Loan
SBA loans with the 7(a) guarantee are among the most flexible. Among its uses are:Loans falling under SBA 7(a) may not require collateral, but loans that exceed $25k probably will. To minimize the risk of default. The SBA needs your lender to ask for as much collateral as possible for loans of $350k or higher. However, even if your business collateral isn't enough to cover it, you can qualify with many kinds of personal collateral as well.
If you meet all the qualification requirements, you can get financed for up to $5 million if you need a large number of funds.
SBA 504 Loan
It is difficult to determine the costs of a project when you are applying for a 504. A 504 would be used to fund a project, which means you would need to examine your project costs in-depth. When you receive funding, your lender will cover 50 percent of the costs and the SBA will cover 40 percent – you need to cover at least 10 percent of those costs right away. At least 20 percent of the loan will also need that you guarantee it.Normally, you can use your SBA 504 loan to fund fixed assets, but you can also include soft costs. Projects that qualify include:
SBA 504 loans come with some pretty cool perks. Our fixed interest rates, longer amortizations, and 90 percent financing, for example, will help you get the best deal possible. For a business to qualify for an SBA 504 loan, it must have an overall tangible net worth of at least $15 million and an average annual net income of at least $5 million over the two years before applying.
SBA Express Loan
This loan is perfect for borrowers needing cash in a hurry. SBA Express applications get reviewed within a day or two, unlike other SBA loans which may take longer. Even so, you won't be able to access funds that quickly - SBA Express loans usually take at least 30 days to get financed.The maximum you can get with an SBA Express loan is $350k. Lenders will sometimes require collateral for loans over $25k if the loan amount exceeds that amount. These loans can be used as working capital loans for about 5 to 10 years, credit lines for 7 about years or commercial real estate loans for about 25 years are available.
Testimonials

“The JaScott Team helped obtain several working capital loans that I used to invest and grow my real estate business. I will definitely use them again.”
Carolyn Hooker - Realtor

“The JaScott team has provided working capital to help us complete some of our construction and renovation projects as well as helped my clients find funding for home repair projects.”
Chimere Crump

“The JaScott team was able to help my client secure funding to renovate a transitional living home. The funding helped my client efficient run their business and expand their ability to provide a place for those in need.”
Char Holland
Frequenlty Asked Questions
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