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If you are considering a Small Business Administration (SBA) loan to grow your business, you might be wondering, “Is it hard to get an SBA loan right now?”
Thankfully, it is easier than you think. In fact, getting an SBA loan is easier now than it has been in years past due to declining interest rates, increased lender confidence, and the government’s continued desire to support small businesses.
At Business Funding Group LLC (BFG), we have decades of experience with SBA loans. We are knowledgeable about the loan options, eligibility, and application process and can help you every step of the way!
Why SBA Loans Are More Accessible Now
When interest rates are high, small businesses face a barrier to securing loans because small business owners are hesitant to take on debt, and lenders may raise standards for approval.
But with recent declines in interest rates, borrowing is more affordable and less risky than it has been. Lower interest rates mean smaller monthly payments and more confidence from lenders that borrowers will be able to repay the loan.
The current environment surrounding SBA loans is a borrower-friendly one where both you and the lender benefit.
The SBA is focused on small business support, and part of that is making funding accessible. Government-backed loans reduce the risk for lenders, so small business owners who might have been denied for other, traditional loans stand a better chance of being approved.
What Are Business Owners Using SBA Loans For?
Business owners can use SBA loans for a wide range of purchases or expenses, such as:
- General working capital
- Marketing
- Equipment
- Owner Occupied real estate
- Debt management
- Inventory
- Expansion
Is It Still Hard to Get Approved?
The process of securing an SBA loan may seem overwhelming because it requires thorough preparation and documentation, but with expert guidance, it does not have to be hard.
In 2023, the SBA relaxed its criteria to determine eligibility from nine factors to three. This decision is now made based on:
- The business’s earnings and cash flow
- The applicant’s credit score and credit history
- The collateral or equity the applicant can provide
The clear eligibility criteria and standardized approval process make it simple for business owners to know what to do to comply, which can make a big difference in avoiding unnecessary denials and successfully securing funding.
With our guidance and the current borrower-friendly environment, getting an SBA loan has never been more achievable for your business.
How BFG Makes the SBA Loan Process Easy
At BFG, we know how to secure SBA loans for small businesses like yours so you can expand and succeed.
When you work with us, we make the loan process easier for you. We will:
- Guide you on what documents are needed and make sure everything is complete and accurate before submitting your application
- Take into consideration your business goals and needs and connect you with the right lender, which increases your chances of approval
- Supports you from the beginning of the application through closing so you can focus your efforts on your business
Take Advantage of Today’s Rates
So, is it hard to get an SBA loan right now? Put simply, no.
Declining interest rates and increased lender confidence make today an ideal time to pursue an SBA loan and secure the funding you need. If you want to expand your business, an SBA loan can provide the financial boost you need to thrive. They are great for business owners who would not qualify for traditional loans. To explore your financing potential, use our SBA loan calculator for a quick and easy estimate.
BFG is committed to helping small businesses secure the funding they need. Call us today to discuss how an SBA loan could help your business.