SBA Loan
- The top small-business loans offered by banks and online lenders, guaranteed by the government.
- Access SBA 7(a) loan, 504 loan, SBA Express Loan, and microloan programs with less paperwork.
- Compare the best SBA loan options with Upwise.
Invest in Your Success: Apply for an SBA Loan Online
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What is an SBA Loan?
SBA loans are business loans guaranteed by the Small Business Administration. SBA guaranteed loans can range from small to large and can be used for most business purposes. With their multiple SBA funding programs, this government agency provides SBA loan guarantees of up to 85% of the loan amount provided through an SBA-approved lender. The SBA agency reduces risk and enables easier access to capital for small business owners across the United States. The three main SBA loan programs let you borrow money for nearly any business purpose—including working capital, purchasing inventory or equipment, refinancing other debts, or buying real estate—through these SBA-guaranteed loans. Take into account that some SBA loan programs set restrictions on how you can use the funds, so make sure to check with your Upwise SBA loan specialist.
What is considered an SBA loan? The SBA stands for the Small Business Administration (SBA) and is the government agency that partially guarantees SBA loans and this agency was founded in 1953 to support small business owners financially across the United States. Here we will go over the costs, qualifications, use of proceeds, underwriting process, timeline to funding and more to help you determine whether this type of loan is the best option to finance the growth of your small business.
Types of SBA Loans
Discover the ideal government backed business loan tailored to meet the unique needs of your business.
Loan Amount
Up to $5 million
SBA 7(a) Loans
Get revolving funds when you need it and only pay interest on what you draw.Â
Purpose
Working capital, expansion, and equipment purchases.Â
Loan Amount
Up to $5 million
SBA 504 Loans
Provides growing businesses with financing for real estate and long-lasting capital investments.
Purpose
Purchase, renovate or acquire land, facilities, machinery, furniture or fixtures.
Loan Amount
Up to $500,000
SBA Express Loans
With an expedited process, borrow from participating lenders as a term loan or line of credit.Â
Purpose
Working capital, expansion, renovation, equipment purchases and debt refinancing.Â
Loan Amount
Up to $50K
SBA Microloans
Smaller sized loans designed to provide financing to traditionally underserved businesses.
Purpose
Use for working capital, supplies, inventory, machinery, vehicles, and equipment.Â
Loan Amount
Up to $5 million
SBA Export Working Capital Loans
Used for working capital to fill cash flow gaps and support export sales.Â
Purpose
Production of goods & services for export, invoices and purchase orders.
Loan Amount
Up to $500,000
SBA Export Express Loans
Get quick access to expedited loans to support a business’s export opportunities.
Purpose
Use for production, shipping, inventory, marketing and receivables.
Loan Amount
Up to $5 million
SBA International Trade Loans
Access long-term financing to grow your export sales globally and upgrade operations to remain competitive with international rivals.
Purpose
Import raw materials, finance foreign account receivables, export order fulfillment.
Loan Amount
Up to $2 million
SBA Disaster Loans
Repair physical damage to property caused by a declared disaster and bridge the loss of revenue and increased operating costs.
Purpose
Cover items such as repairs, replacement, renovation, rent and payroll.
SBA Loan Pros vs Cons
PROS
Suitable for a Wide Range of Business Purposes
Flexible Terms & Low Interest RatesÂ
Security from the SBA = Lenders Approve Higher Amounts
CONS
Tight/Strict Lending Standards
Extensive Documentation Process
Longer Funding Speed Compared to Other Products
How does an SBA Loan work?
SBA loans are originated by a bank and the SBA provides a guarantee on the loan, promising to reimburse the bank for a certain percentage of the loan in the event of a default. The SBA agency does not typically make direct loans which is a common misunderstanding amongst small business owners. The guarantee by the SBA lowers the risks to lenders, encouraging them to offer these loans to more American small businesses. Upwise has partnered with many banks and other financial institutions that offer SBA loans, but their process, requirements, and fees can vary.
Who Qualifies for a Small Business Administration Loan?
Securing an SBA loan for a small business is no easy task, but our team at Upwise is here to guide you through every step of the process. Many businesses, including small or newer businesses, can qualify for an SBA loan.
Take into account that the most important factor will be your credit score, the SBA requirement is a minimum of 620 FICO SCORE from ALL three credit bureaus. If you are a new business the SBA loan program has specific loans for starting a new business or acquiring an existing business.
Be prepared for the process: SBA loans usually require a lot of documentation, time, and energy. The underwriting process can be long if you are looking for more than $350k. Upwise offers an expedited SBA for any borrowers looking for a loan under $350k. For larger loan amounts the process from beginning to end is usually 30-45 business days depending on the borrower’s motivation to move quickly.
Don’t believe any broker or lender who promises to provide SBA loans in as fast as 1-2 business days. SBA loans take time to get approved and usually require the business to be showing a profit on the most recent business tax return. Â
Applying for an SBA loan can be difficult to qualify for if your company has a limited track record of paying off-trade lines or has a poor business credit score. After all, credit and trade line payment history is the most important aspect when the SBA-approved lender evaluates a borrower’s reliability.
Do not worry, Upwise capital has secured many SBA loans for clients in the past and can easily navigate your business through the SBA process to a successful funded SBA loan.
SBA Loan Requirements
Over 10% Profit
over 650+
over $200K
2+ years
* Note: These SBA loan requirements are based on previous Upwise customers and is just an average.
Open the Door to Financial Freedom With The Gold Standard of Business Loans.
What does an SBA Loan cost?
SBA loans tend to be the least expensive financing options available to small business owners.  SBA rates can vary depending on the lender that you work with, but all interest rates must be within SBA guidelines. Â
The SBA establishes the minimum and maximum amount that can be charged for these loans. SBA loans from Upwise marketplace banks can have fixed or variable interest rates and depend on the loan amount, lender and SBA loan type. SBA interest rates are based on the Wall Street Prime Rate + anywhere from 2.25 – 4.25% depending on the loan product. Â
Apply for an SBA Loan Now.
- Get flexible terms and low interest rates.
- Fund Growth with a Customized SBA Financing Package
- Use for working capital, expansion, equipment purchases & more.
Stay ahead of the curve - get access today!
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Documents You'll Need to Apply
Driver’s License
Voided Business Check
Business Bank Statements (Last 4 Months)
Credit Score
Collateral Information
You may also be requested to provide the following for larger dollar amounts over $100K:
Credit Application
Balance Sheets
Profit & Loss Statements
2 Years Business Tax Returns
2 Years Personal Tax Returns
You’ve got big plans to take your business further – now you just need a way to make them happen. That’s where SBA loans come in! These programs are specially designed to fuel growth for companies of all sizes. With their backing, lenders can offer better terms than many other loans.
We’re here to help you find the right SBA option for your needs. Whether you’re looking at equipment, real estate, payroll or anything else, these loans have very flexible uses. And the application process is simple and straightforward. Just give us a call and we’ll guide you from start to finish. You focus on building your business – let us help secure the funds to spark your vision into reality!
SBA Loan Types Chart
Why Upwise for SBA Loans
Quick & easy application
Our simple 15-minute application gets you on your way to funding quickly. Most applicants receive a fast decision within hours of applying. Then just choose your loan terms and you could have funds deposited into your account as soon as 24 hours.
Ensure you make the wise choice
Every Upwise applicant gets a dedicated funding advisor who takes the time to understand your business and it's unique needs. We are here for your support throughout the entire funding process.
Access multiple financing options
Upwise has an extensive product suite and a network of 100+ lenders. This means you're more likely to find the best match for your funding needs.
