Small business loans in San Antonio are available for a variety of reasons. Whether it’s for a brand new start-up business or to expand an established business or even to rescue or rebuild a struggling business. The good news is that whatever you need, there’s probably a strong chance that you’ll find one that’s a good fit for your business.
First, let’s explain what an SBA loan is and isn’t. These loans aren’t dispersed by the federal government. Instead, the SBA sets the requirements and guidelines for small business loans, while approved lenders — such as traditional banks, credit unions, and specialty providers.
SBA loans are generally more short term rather than the long term. Loan amounts vary widely depending on the type of loan, ranging from tens of thousands of dollars, up to $5 million. As mentioned, SBA loans can offer terms of just a couple to a few years or as many as a decade or even twenty-five years.
As far as interest rates are concerned, SBA loans are usually competitively priced. And, there’s usually some leeway or customization that can be accessed. However, it is important to note that SBA loans generally require collateral, and can also include a personal guarantee. But, another good aspect of SBA loans is the funds are made available in thirty to ninety days from lenders to borrowers.
To learn more about SBA loans, just speak to the experts at Proactivelendinggroup.com, a leading provider of commercial funding in San Antonio and well beyond.