SBA Loans

These loans are guaranteed by the Small Business Administration because of this they offer some of the lowest rates on the market, as well as long repayment terms and the ability to borrow up to $5 million. Repayment ranges from 7- 25 years based on how you plan to use the money. SBA loans are best for strong credit borrowers who have been operating for 2 years and are willing to work on the long application process to expand their business or refinance debt.

Pros:

Lowest rates on the market

Borrow as much as $5 million

Longer repayment terms 7-25 years

Cons:

Long application process

More qualifications required

Best for:

Expanding businesses or refinancing debt

Business with good credit willing to wait for funding