The Small Business Administration is a federal agency that helps businesses get the funding they so desperately need. SBA loans are designed specifically to assist small businesses in surviving economic hardships by funding essential business operations.
The flexible nature of the SBA loan means that you can use it to sponsor various business activities. The 7(a), SBA Express, and 504 are some of the most common SBA loans. While each loan comes with its eligibility criteria and set guidelines, almost all of them require collateral for a loan exceeding $25,000.
Processing an SBA usually takes a lot of time, primarily due to the extensive paperwork involved. As an applicant, you’re expected to submit all the necessary details to get the government-backed loan. However, when you apply at Fundwise, paperwork is not an issue, thanks to our comprehensive application platform.
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