Apply Now For Your SBA Loan!

What is an SBA 7(a) Loan?

If you are looking for the 2020 best SBA loans online, look no further! The U.S. Small Business Administration helps small business owners get funding through SBA loans. 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. When it comes to small business financing, Cheddar Capital is on your side. We’ve taken the long, complicated process of applying for a 2020 SBA loan and made it more manageable through our streamlined application process and dedicated team. Our experienced financial professionals are with you every step of the way as you complete our online application and complete the 2020 best SBA Loans. And if an SBA loan isn’t the best option for you, we’ll help you find the right loan at the right time from our network of trusted banks and non-bank lenders.

Loan Amount Of $100,000 to $5,000,000

The SBA can guarantee up to 85% of loans of $150,000 or less and 75% of loans of more than $150,000

Loan Term lasts 10 to 25 years

If your loan is more than $50,000, your rate is based on the prime rate with a max of 2.25 percentage points.

Interest Rates Starting at 3.25% Average

As of December 2017, that meant a maximum interest rate of 6.75%.

Get Your Cash as fast as 3 weeks

The SBA has another financing program called SBA Express, which aims to respond to loan applications within 36 hours.

The Basics of an SBA 7(a) Loan

What is an SBA loan?

An SBA loan is a government-guaranteed small business loan that has a long-term and a low-interest rate. The Small Business Administration (SBA) is the government agency that partially guarantees SBA loans and was founded in 1953 to support small business owners across the United States.

The most common misunderstanding about these loans is that the agency lends money directly to small businesses. However, the agency typically does not make direct loans. The SBA provides a guarantee on the loan, promising to reimburse the bank for a certain percentage of your loan if you default on that loan. This guarantee lowers the risks to banks and other lenders, encouraging them to offer these loans to more American small businesses. Many banks and other financial institutions offer SBA loans, but their process, requirements, and fees can vary.

What can you use your SBA loan for?

SBA loans from $30,000 – $350,000 from banks in the Cheddar Capital network can be used for debt refinancing and working capital. Working capital includes operational expenses, marketing, hiring, etc. SBA loans can be used to fund new equipment purchases as well.

SBA loans can also be used for refinancing existing business debt not secured by real estate (such as cash advances, business loans, and equipment leases).

SBA Commercial Real Estate loans from $500,000 – $5 million from banks in the Cheddar Capital network can be used for the purchase or refinance of commercial real estate that is 51% owner-occupied.

Where can I apply for an SBA loan?

In the not-so-distant past, small business owners had one option when looking to apply for an SBA loan—walking into a bank. However, many businesses might not know that while one bank may say ‘no’, another bank will say ‘yes’ to the same potential borrower. Technology can now help small businesses find an SBA loan provider online that is a good fit. In fact, Cheddar Capital has created the first online network of Preferred SBA lenders for small businesses. With multiple banks with varying credit requirements on our platform, we’ve been able to help many applicants successfully apply for an SBA loan who were initially rejected by their local banks. What’s our secret? It’s no mystery; our sophisticated software allows us to match borrowers with the lender most likely to approve and fund their loan. Rather than spending your time going from bank to bank, Cheddar Capital can help you successfully apply for a loan quickly and efficiently.