Offered by the Small business Administration, an SBA loan is basically government-funded small-business funding that can be used to primarily cover costs incurred with startups, real estate acquisitions, and expansions. Since this loan is backed by the federal government, there is much less risk and hurdles for small businesses looking to obtain this type of funding. SBA loan rates and fees are similar to non-guaranteed loans.
It’s ironic, that while an SBA focused on funding small businesses, it can be challenging to receive aid from the Small Business Administration. Basically, banks tend to be cautious when it comes to lending to unproven entities. For this reason, you should be aware of the potential hurdles when applying for SBA assistance from these traditional financial institutions.
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