When your small business needs financing, there are numerous options to choose from. If you’re just starting out, you may need to rely on friends and family to support your capital needs, and if your business is more established you may qualify for alternative lenders or even a conventional bank loan. Each option has its benefits and could be a good fit for your business.
One of the best financing options regardless of the stage of your business is the U.S. Small Business Administration (SBA) loan program. These loans, offered by both banks and alternative lenders, like New York Business Development Corporation (NYBDC), are backed by the SBA’s guarantee and offer affordable interest rates and longer terms in amounts ranging from $10,000 to $5 million. From microloans for working capital to 504 loans to purchase commercial real estate, SBA loans can fulfill nearly any business need.
The process to obtain an SBA loan is more comprehensive than other loan products, and a first step toward preparing for these loans is gaining an understanding of what will be required along the way. To help you get started, Excelsior Growth Fund’s Business Advisory Services team created a road map to guide you on your journey to SBA financing.
Every business owner’s journey to an SBA loan will be different, and our team of experts stands ready to guide you through every step of the process. If your business is seeking SBA financing, EGF and its affiliates, NYBDC and The 504 Company, can help. We offer a full suite of SBA loan products, as well as fast, convenient, responsible non-SBA loans, to help your small business grow. Contact us today to learn more or get started on your application today.