SBA Loans

SBA Loans 2017-12-13T10:16:44+00:00

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Compare small business loans and apply online. We Offer a Wide Variety of Funding Solutions for All Business types to ensure your business connects with the right financing product and not just the most expensive one. Learn more about each product below and decide what option is best for your business.

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3 months of business bank statements required; unless credit score is above 650

An SBA loan is backed up by U.S. Small Business Administration

An SBA loan is a low-interest, government-backed loan, with the longest terms and lowest rates available. Repaid monthly, it is available to businesses that have been in business for at least two years and has a 640 FICO score or higher. Collateral is required for loans of more than $25,000.

An SBA loan is backed by a guarantee from the U.S. Small Business Administration. The 7(a) program that BFNYC offers, represents the bulk of the SBA-backed lending. Because of their federal guarantee, SBA loans are the lowest cost long-term funding available to small businesses and come with single digit rates.

What’s Needed To Qualify?

To participate in the 7(a) loan program, a business must meet a list of restrictions set by the SBA. For example, the business:

  • Must base for-profit operations in the United States
  • Must be in business for at least two years
  • Must be a U.S. citizen or legal permanent resident
  • Must have no bankruptcies in the last three years and no defaults on government-backed loans.
  • Must have financial statements that show your cash flow will support the loan’s repayment.
  • Must demonstrate an equity investment in the business before requesting government help
  • Cannot be delinquent on taxes or any other debts to the federal government
  • Cannot be involved in certain financial, political or members-only activities
  • Must not have any recent bankruptcies or Liens
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