SBA loans can be a great way to get the funding you need to start or grow your business. SBA lenders offer a variety of loan products, each with its own terms and conditions. This article will help you understand the different SBA loan types available and how to choose the right one for your business.
What Is an SBA Loan?
The Small Business Administration (SBA) is a federal agency that provides lending and other support to small businesses. The SBA offers many loan programs, which are made through lenders who partner with the SBA. These loans are government-backed, meaning the SBA guarantees a portion of the loan to the lender in case you default. This guarantee makes it easier for lenders to approve small business loans.