SBA Guaranteed Loans for Startups

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SBA Loans 2020-06-17T03:21:41-04:00

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Find The Right Business Loan for You!

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, & a minimum of 9 months in business

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About SBA loan for Small Business

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 have a 650 FICO score or higher. Collateral is required for loans of more than $350,000.

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.

Benefits of an SBA Loan for Startups & Real Estate

If you’re thinking about applying for an SBA loan, you’re looking into the best small business loan offer on the market that helps startup your business, your real estate or as a financing solution to your business. The benefits of SBA Loans manifest themselves in different ways, depending on how expensive the loan is, the requirements that you need to get it, what you can do with the cash that is given to you, and how you set yourself up to repay it.

Below is a list of some of the benefits that SBA Loans provide:

Capital Availability: SBA loans can give you access to extensive capital for your business or real estate. The reason for this is mainly due to the SBA working with lenders (mostly banks) to guarantee up to 85% of loans that they issue in case of borrower default. This can be very beneficial for your business if you need a big amount of money to aid a startup or improve your business and finance a big purchase, improvement or renovation of real estate.

Low-Interest Rates: The interest rate for SBA loans is not definitive since it will vary depending on the lender, type of loan, and loan amount. Normally, SBA loans come with the lowest interest rates on the market. Thanks to this, you’ll no longer need to be worried about how much that loan is going to cost you in the long run.

Long Repayment Term

SBA loans offer long repayment terms and payment schedules that shouldn’t put a financial strain on your business. They require monthly payments for 25 years for real estate, 10 years for equipment, and generally up to seven years for working capital. This can be very beneficial to you since it allows you to be able to fit your loan payments into your business’s plans as you grow.

Why Choose Us

At Business Funding New York, we understand that there are times when you need financing solutions that sadly sometimes are hard to get accepted from banks. This is why we are here to guide you. At BFNY, we welcome any business that has at least six months of operational time and any FICO score. We provide exceptional service to help you get the funding you need for your business.

For more information on our SBA loans visit our website or give us a call at 1 877 969 4569.

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 show profit on 2 most recent business & personal tax returns
  • Must show profit on year-to-date P&L and Balance Sheet
  • 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

SBA loans
Estimated APR (including interest rate and fees)7.18% – 10.78%
FUNDING PROCESSas fast as 30 days
LOAN TERM10 – 25 years
TYPICAL PAYMENT FOR A $100,000 LOAN$1,213 per month
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If you have any questions about our rates or products call our experts at 877-969-4569 or contact us

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