What is the rate?
SBA loan interest rates vary depending on the specific product. Generally, SBA rates are highly competitive in the market. However, rates can fluctuate, so it’s advisable to consult with one of SBALoanDepot experts to determine your specific interest rate. For SBA 7(a) loans, interest rates are based on the daily prime rate set by the Federal Reserve, along with a lender spread calculated based on the loan amount and term. Our lending team is ready to guide you through any inquiries about interest rates, tailored to the unique needs of your business.
How much is the down payment?
Determining this amount isn’t straightforward – discuss it with a member of our lending team. The figure hinges on factors like your business type and the purpose of the funds. SBALoanDepot will provide guidance once we gather more information about you and your business.
What types of financing are available?
Let us guide you through the diverse financing options, ensuring a tailored fit for your needs. We can seamlessly integrate SBA loans with conventional loans, lines of credit, and more. Share your goals with us, and together, we’ll craft a customized loan package. Check out our products page for more information!
What Documents are needed?
Streamline the financing process for your buying, building, or expanding endeavors by following these steps:
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Familiarize yourself with your credit history. Your personal credit holds more details than just a score, so be ready to discuss any items on your credit report.
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Ensure your business and personal tax returns are in PDF format. Having digital copies readily available will expedite the completion of your loan application when you’re ready to proceed.
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Gain a clear understanding of your financial standing. Most banks will inquire about your personal financial resources, assets, and obligations during the loan application process.
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Articulate your business plan effectively. Banks seek to lend to individuals who demonstrate belief in their projects and have conducted thorough due diligence.
In addition, be prepared to provide various application documents, which may include (but are not limited to):
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Driver’s License
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Voided Business Check
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Bank Statements
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Balance Sheet
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Profit & Loss Statements
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Business Debt Schedule