SBA Loans: Helping Your Small Business Succeed
The U.S. Small Business Administration (SBA) is a federal organization designed to help and protect small business owners in new Jersey and across the U.S. SBA loans are a financing option that is provided through private lenders – like Alpine Funding Corp – but insured through the SBA. We can offer small business great rates and fast approval for SBA loans because they are backed through the government. Should a client default on his or her payments for an SBA loan, part of that money will be reimbursed to us. This alleviates our risk as a direct lender and helps us approve clients from all types of backgrounds. Contact Alpine Funding Corp in New Jersey and across the U.S. to get started on an application today.
Types of SBA Loans
One of the most common SBA loans is known as the 7(a) Loan Program, which covers general small business loan that can be used for many purposes. Our clients use 7(a) loans as working capital, for equipment or furniture purchase, for remodeling or for revolving funds. These loans are guaranteed for up to $5 million.
Other SBA loan types include:
- Disaster loans are low-interest SBA loans that aid businesses to repair and replace equipment and property after certain unexpected events. These SBA loans are available for up to $2 million.
- Real estate and equipment SBA loans, also known as Certified Development Company/504 loans, are not for working capital, inventory, or refinancing or consolidation of debt. Rather, these are used for the purchase of land, improvements, new construction, or long-term equipment and machinery. They, too, may be approved for up to $5 million.
- The SBA Microloan Program is designed for small business clients who need a small, short-term loan. This smaller loan option provides funds up to $50,000.
Our direct lending professionals will help you determine which types of SBA loans your business may qualify for, and which make the most sense for your financial future. Each type of SBA loan has competitive rates that can make them appealing compared with traditional business loans.
SBA Loan Terms
The repayment term for your SBA loan depends on how you will use the funds from your loan. For working capital or daily operations, the maximum is seven years. For new equipment purchase, the maximum is 10 years. For real estate purchase, the term is up to 25 years. Interest rates and APR vary, but are typically very competitive among other privately funded loans.
Get Started with a Competitive Small Business Loan
Alpine Funding Corp helps clients across New Jersey and the U.S. get the funding they need for long-term profitability. Contact one of our consultants today to discuss your candidacy and the great rates available through SBA loans.