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Whether you’re starting up a new small business or expanding a pre-existing one, understanding different types of SBA loans is key to your success. Every small business is unique and has certain needs that should be met by the right loan. It is recommended to review the needs of your business before looking at what loans are available. Once you know what your business needs, understanding what loan will fit best comes easier. However, it can still be a challenge to know what each loan can offer. Listed below are different SBA loans and how you can gain some perspective on which loan may work best.
The Small Business Administration (SBA) was founded to help small businesses thrive. Even though the SBA is not a direct lender, they remain one of the top places to look for loan programs. This is all thanks to their ability to connect small business owners with lenders, even if their credit score is lower than average.
Depending on what a client wants to fund with an SBA loan, there are different types of programs for which they may qualify.. Thus, each different type of SBA loan has different requirements and benefits that come with it. To know which works best, you must compare your business needs to what the loan itself entails. Below is a table showing different types of SBA loans, as well as key information to know about them. [table id=7 /]
These two loans are the most common types of SBA loans for small businesses. This is why determining which of the two loan programs is right for a business takes a comparison between the two. However, there is still a lot of information to absorb to choose your loan wisely. This is where AVANA Capital and its team of industry professionals can assist you. With almost 70 years of combined experience, AVANA Capital’s team guides you through the process of learning about different types of SBA loans. AVANA Capital also assists in taking out the loan itself and makes the overall process much easier. Your loan application can receive pre-approval within 24-hours (especially when using their loan builder form). In addition, AVANA Capital provides competitive rates, allowing a loan to be paid off over 20-30 years. To make the right decision on what type of SBA loan is right for you, contact AVANA Capital today. You can also call them at 1-877-850-5130, and one of their specialists will assist you shortly.
For more information about types of SBA loans, contact AVANA Capital or call them at 1-877-850-5130.