unicus capital

What is an SBA Loan?

The small business administration was founded in 1953 to support small business owners all across the United States.

The small business administration guarantees a portion of the loan promising to reimburse the bank for a certain percentage of your loan if you default on that loan.

 

This guarantee helps lower the risk for banks and lenders incentivizing them to offer more loans to American small businesses.

What does an SBA Loan Cost?

SBA loans come with different rates depending on the lender you work with; however, the SBA establishes the maximum amount that can be charged for these loans.

    2.40% to 7.00% (Prime Rate plus 1.50% to 2.75%) for commercial real estate loans $500,000 - $5 million

    3.25% to 8.00% (Prime Rate plus 2.75% to 3.75%) for loans $30,000 - $5 million

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What Do I Need To Get an SBA Loan? 

 

• Time in business must be above 2 years

• Business owner’s personal credit score must be above 650

• The business must be U.S. based and owned by US citizen or Lawful Permanent Resident who is at least 21-years old

• No outstanding tax liens

• No bankruptcies or foreclosures in the past 3 years

• No recent charge-offs or settlements

• Current on government-related loans

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For a free pre-qualification consultation please reach out to us below or