SBA loans are guaranteed by the Small Business Administration. These competitive loans offer some of the lowest rates on the market as well as long repayment terms with the ability to borrow up to $5 million. The repayment term ranges from 7- 10 years based upon how the business uses the money.
SBA loans are best for strong credit borrowers who have been operating for 2+ years and are willing to work on the long application process to expand their business or refinance debt. Approvals can take up to 3 months.