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SBA Loan Requirements: What You Need to Know
Securing an SBA loan can be a game-changer for small businesses looking for affordable financing. However, getting approved for an SBA loan requires meeting a series of strict requirements. This article will break down the eligibility criteria, required documents, and step-by-step application process, ensuring you understand what it takes to qualify for an SBA loan.
What Are SBA Loans? A Comprehensive Guide
An SBA loan is a federally backed small business loan administered through a separate lending institution with support from the SBA. The SBA does not directly lend money to businesses; instead, it guarantees a portion of the loan, typically between 50% and 85%, to reduce the risk for lenders