6 Top Government Small Business Loans (2024)

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For small business loans with competitive interest rates and flexible repayment terms, government-backed small business loans can be a great option for businesses that need financing. Loans through U.S. Small Business Administration (SBA) programs are available through SBA-approved lenders, not the government itself. The government backs the loans and covers a portion of the loan amount if they aren’t repaid.

Funds are flexible, and businesses can use them for everything from financing equipment to buying real estate. There are several types of government loans for small businesses, including SBA 7(a) loans, microloans, SBA 504 loans, SBA disaster loans and SBA CAPLines.

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1. SBA 7(a) Loan

SBA 7(a) loans are available up to $5 million, and repayment terms vary depending on the purpose of the loan. SBA 7(a) loans are flexible and used for a wide range of purposes, including starting a new business or purchasing new equipment or property.

If you finance real estate with an SBA 7(a) loan, you can qualify for the maximum repayment term of 25 years. In comparison, terms max out at 10 years for SBA equipment, working capital and inventory financing. Variable interest rates range from the base rate plus 2.25% to the base rate plus 4.25%, depending on the loan amount and repayment term. Fixed-interest loans come with rates between 5% and 8%.

SBA 7(a) Variable Interest Rates

Loan AmountMax Interest Rate (up to 7 years)Max Interest Rate (more than 7 years)
$25,000 or less Base rate plus 4.25% Base rate plus 4.75%
$25,000 to $50,000 Base rate plus 3.25% Base rate plus 3.75%
$50,000 or moreBase rate plus 2.25%Base rate plus 2.75%

Keep in mind, the application process for SBA 7(a) loans is more complex than for other small business loans. SBA-approved lenders typically require detailed financial documents, but the benefits of an SBA 7(a) loan are often worth the time. Still, an SBA 7(a) loan is best suited for a business with a solid financial history that doesn’t need money quickly.

2. SBA Express Loan

Designed to help small business owners quickly access the funds they need, SBA Express loans come with short turnaround times.

Loans are available up to $500,000 and have flexible repayment terms from seven to 25 years. SBA Express loans come with interest rates between 4.5% and 6.5% above the prime rate, and Express revolving lines of credit are available for up to 10 years.

Once your application is received, the SBA will respond within 36 hours—much faster than standard SBA loans. If approved, you’ll receive funding within seven business days, which makes an SBA Express loan an excellent option for small business owners looking to secure financing quickly.

3. SBA Microloan

SBA microloans are tailored to small business owners who need funds to rebuild, re-open, repair, enhance or improve their businesses. Loans are available up to $50,000, but the average SBA microloan is around $13,000.

Terms max out at six years, and interest rates typically fall between 8% and 13%—although individual lenders decide the loan terms. You can’t use microloan funds to pay existing debts or to purchase real estate.

You can apply for a microloan through SBA-approved nonprofits and community-based organizations. Qualification requirements vary by lender and approval can take anywhere from a few days to a few weeks. Lenders usually disburse funds within a month of approval.

4. SBA CDC/504 Loans

SBA 504 loans, or CDC/504 loans, help small businesses secure the funding they need to grow and create jobs. The program is administered by participating CDCs (Certified Development Companies), which provide 40% of the loan funding, and a private bank or credit union funds 50%. The borrower covers the last 10% with a down payment.

Loans are available up to $5 million (or $5.5 million for small manufacturers) and repayment terms extend to 10 years for machinery and equipment and 25 years for real estate. The current 10-year Treasury rate determines the interest rates for SBA 504 loans.

These funds allow you to purchase fixed assets, such as real estate, long-term equipment and machinery. You can also use SBA 504 loans to improve or modernize a business’s existing facilities.

To apply for a CDC/504 loan, you’ll need to work with a Certified Development Company to prequalify based on personal and business tax returns, interim financial documents and a personal financial statement. Once you determine the real estate, equipment or other eligible assets you want to purchase with the loan, you’ll submit a formal 504 loan application.

Approval typically takes a week, and once that comes, funding takes an additional 30 to 60 days, depending on the complexity of the loan.

5. SBA Disaster Loans

SBA disaster loans are for businesses that have suffered a physical or economic loss due to a federally-declared disaster. In some cases, they’re only available to business owners unable to obtain sufficient credit elsewhere.

Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDLs) are available to eligible small businesses, small agricultural cooperatives and private nonprofit organizations that suffer substantial economic injury due to a disaster. Loan amounts can reach $2 million, but ultimately are determined by the applicant’s ability to repay the loan.

Repayment terms go up to 30 years, with interest rates capped at 4% annually. Businesses can use EIDL funds to meet financial obligations and cover necessary operating expenses. Companies can qualify for an EIDL and a physical disaster loan, but the maximum combined borrowing limit is $2 million.

Business Physical Damage Loans

Business physical damage loans cover business losses not covered by insurance. Loans are available up to $2 million, with repayment terms as long as 30 years. The SBA caps interest rates at 4% for businesses that can’t obtain credit elsewhere, but if you have other available credit, the maximum interest rate is 8%.

Business owners can use funds to repair or replace real property, machinery, equipment, fixtures, inventory and improve rental properties. Borrowers can’t use this SBA loan to upgrade or expand a business unless required by building codes.

Mitigation Assistance

In addition to its disaster loans, the SBA offers mitigation assistance, including for wind, floods, wildfires, earthquakes and hail. Mitigation assistance helps business owners prepare their homes and businesses for future disasters rather than funding repairs for damage from past events. Overall, SBA mitigation assistance can boost SBA disaster loan funds by up to 20% for building upgrades.

6. SBA CAPLines

SBA CAPLines help small businesses address short-term and cyclical working capital needs. These lines of credit are available up to $5 million and interest rates range from 2.25% to 4.75% plus a base rate, such as the prime rate or the SBA Peg Rate. Repayment terms extend up to 10 years for CAPLines, except for Builders CAPLines, which extends up to five years.

There are four types of SBA CAPLines, each with a different purpose and qualification requirements beyond those for standard 7(a) loans.

  • Seasonal CAPLine: Borrowers can use Seasonal CAPLines to finance seasonal increases in accounts receivable and inventory—but not to maintain business in slow seasons. To qualify, a business must have been in business for at least one year and be able to demonstrate seasonal impacts to their business.
  • Contract CAPLine: Contract CAPLines are for financing the cost of fulfilling a contract, sub-contract or purchase order. Qualified business borrowers must show they can operate profitably based on the completion of similar past projects and can perform the work included in the contract, among other requirements.
  • Working CAPLine: Working CAPLines can be used to cover short-term working capital and operating needs, but not to pay for delinquent withholding taxes or floor planning. Businesses must generate accounts receivable or have inventory to qualify.
  • Builders CAPLine: Construction contractors and housebuilders can use Builder CAPLines to finance direct expenses related to construction or “substantial” renovation of a specific project. Qualification requirements are more extensive than other CAPLines, and businesses must show sufficient managerial and technical ability, among other qualifications.

How To Get Government Loans for Small Business

Government-backed loans have unique qualifications, application requirements, repayment terms and interest rates that you should consider before applying. On top of that, requirements can also vary by lender.

Regardless, most SBA-approved lenders have similar processes, so there are a few general steps to follow when applying for a loan.

1. Evaluate Your Borrowing Needs

Determine your business goals and the specific project or expense you need to finance. Consider the costs of your proposed project, fees and interest, and how much you can afford in monthly payments. A business loan calculator can help you understand the full cost of a loan.

2. Check the Qualification Requirements

Each loan and lender has different requirements in order to be eligible for a loan. Before moving forward with an application, make sure you meet credit, financial and other requirements to qualify for a loan.

3. Find an SBA-approved Lender

Use the SBA’s Lender Match tool to find an SBA-approved lender specializing in your industry and business type. Additionally, ask local banks and credit unions about their SBA lending programs, including your current bank or credit union. It may be easier to qualify for an SBA loan if you have an existing relationship with the lender.

4. Gather Your Financial Information

Before applying for a government loan for your small business, gather the necessary financial documents to ensure a smooth application process. For SBA 7(a) and SBA CAPLines, the documents you’ll need can be found on a SBA submission checklist.

Some standard documents include tax returns, bank statements, balance sheets, income statements and cash flow projections.

5. Submit an Application and Await Loan Approval

Once you choose an SBA-approved lender and organize your financial documents, follow the lender’s application instructions carefully and submit the necessary forms. A loan officer will review your application and determine if you meet the lender’s approval criteria.

Approval for government business loans can take as little as 36 hours but can take up to a month or longer depending on the loan program, lender and the complexity of your finances.

6. Sign Loan Documents and Receive Funding

After your loan is approved and you accept it, the lender will fund the loan according to the terms of the agreement. In some cases—as with an EIDL—you’ll need to work with your case manager to manage disbursem*nts, meet recordkeeping requirements and comply with the loan agreement.

Who Qualifies for Government Small Business Loans?

To qualify for a government-backed small business loan, prospective borrowers must meet the eligibility requirements. Each loan program and lender can have different requirements, but generally, businesses must have fewer than 500 employees, be for-profit and operate in an eligible industry. Additionally, some lenders require businesses to meet certain credit score, revenue and time in business criteria.

Check the specific eligibility criteria for each loan type before applying, and work with your individual lender to ensure you meet its unique requirements.

Find the Best Small Business Loans of 2023

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6 Top Government Small Business Loans (2024)


6 Top Government Small Business Loans? ›

SBA 7(a) loans are the most popular type of SBA loan. These loans are federally guaranteed term loans with a maximum loan amount of $5 million. Business owners often use SBA 7(a) loans to finance working capital needs, buy an existing business, refinance debt, or purchase new equipment.

What is the highest SBA loan? ›

SBA 7(a) loans are the most popular type of SBA loan. These loans are federally guaranteed term loans with a maximum loan amount of $5 million. Business owners often use SBA 7(a) loans to finance working capital needs, buy an existing business, refinance debt, or purchase new equipment.

What is the biggest loan you can get to start a business? ›

SBA loans. Backed by the U.S. Small Business Administration, SBA loans for startups are designed to help business owners grow their companies and cover expenses like equipment and payroll. There are several types of these loans, with maximum amounts ranging from $50,000 to $5 million.

What is the easiest SBA loan to get approved for? ›

SBA Express

This term loan or line of credit offers fixed or variable SBA loan rates as well as the easiest SBA application process, quick approval times, flexible terms, and lower down payment requirements than conventional loans.

What type of loan do most small businesses use for capital? ›

Term loans are one of the most common types of small business loans and are a lump sum of cash that you repay over a fixed term. The monthly payments will typically be fixed and include interest on top of the principal balance.

How to get a million dollar business loan? ›

Where can I get a $1 million business loan? Banks, credit unions and online lenders frequently offer loans up to $1 million for established businesses. The Small Business Association (SBA) also backs loans of $1 million, but to apply for funding, you will need to submit an application through an SBA-approved lender.

How much will an SBA loan give you? ›

For most 7(a) loan programs, the SBA can guarantee up to 85 percent of loans of $150,000 or less, and up to 75 percent of loans above $150,000. However, SBA Express loans carry a maximum of 50 percent guaranty and Export Express loans carry a maximum 90 percent guaranty.

What is the best loan option for a business? ›

Best Small Business Loans
  • OnDeck – Best for Short-term.
  • Lendio – Best for Lender Comparison.
  • QuickBridge – Best for Fast Funding.
  • American Express Business Blueprint™ – Best for Lines of Credit.
  • BlueVine – Best for Flexible Lines of Credit.
  • National Funding – Best for Small to Mid-Sized Business.
4 days ago

How do I get funding for my new business? ›

  1. Determine how much funding you'll need.
  2. Fund your business yourself with self-funding.
  3. Get venture capital from investors.
  4. Use crowdfunding to fund your business.
  5. Get a small business loan.
  6. Use Lender Match to find lenders who offer SBA-guaranteed loans.
  7. SBA investment programs.
May 19, 2023

What credit score do you need for a startup business loan? ›

Minimum credit score by business loan type
Term loanWhile banks and credit unions typically require a score of 670 or above, online lenders may only require a score of 580
SBA loanLenders offering SBA loans require credit scores between 620 and 680
4 more rows
May 12, 2023

Can I get a business loan with a 500 credit score? ›

Yes, it is possible to get a small business loan even if you have bad credit. This is because your credit score doesn't matter as much as the overall financial health of your business. Many lenders require a minimum credit score of 500, at least six months in business, and more than $30,000 in annual revenue.

Does everyone qualify for SBA loan? ›

In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding.

Does SBA require credit score? ›

The SBA does not state specific credit score minimum requirements, but business mentors recommend entrepreneurs have a credit score in the mid to high 600s. Some loan products, like the SBA microloan program, may have SBA loan credit requirements on the lower end.

What do most banks require for a business loan? ›

What do banks require for a small-business loan? Banks generally require that you have good to excellent credit (score of 690 or higher), strong finances and at least two years in business to qualify for a loan. They'll likely require collateral and a personal guarantee as well.

What is the best source of finance for small business? ›

Here are the most common sources of equity and debt financing for small businesses.
  • Credit Cards. ...
  • Leasing Companies. ...
  • Customers. ...
  • Trade Credit. ...
  • Small Business Investment Companies. ...
  • Venture Capital Firms. ...
  • Investment Banking Firms. ...
  • Private Placement.

Do banks give loans to small businesses? ›

Commonly offered by banks, business loans offer a much-needed infusion of cash to help cover most costs, though many small business owners find it hard to be approved.

What salary do you need for a million dollar loan? ›

The takeaway

The income required to make the payments each month will vary based on your down payment, interest rate, and other factors, but you're still likely to need an annual salary that's close to $200,000.

How much income do I need for a 500k business loan? ›

Whether you need a long-term loan, a line of credit or a business cash advance, $500,000 loans come in many flavors. But you generally need to be in business for one to two years with a minimum monthly revenue of $350K to qualify.

How hard is it to get a 250k business loan? ›

Almost all business lenders offer loans in this amount, so you won't be locked out of loan rates based on the loan's size. But you might struggle to qualify for a loan of this size from any lender if your business has been around for less than a year or you have a credit score below 670.

What is the monthly payment on a million dollar business loan? ›

Example Monthly Payments on a Million Dollar Business Loan

Business loan terms and payment amounts are variable based on terms and rates. Consider a $1M loan with an interest rate of 4% fixed for 20 years. The monthly payments on that business loan would be $4,774.15.

How much deposit do I need for SBA loan? ›

The most common SBA loans, SBA 7(a) loans and CDC/504 loans, require a down payment equal to 10% of the total amount you're borrowing.

Can I get a SBA loan with no money down? ›

Can you get an SBA loan without making a down payment? Yes, the SBA offers some loan programs that do not require a down payment, such as the SBA disaster loan program. Keep in mind that lenders that do not require a down payment will likely place more weight on your business plan and financial statements.

How can I increase my chances of getting a business loan? ›

How to increase your chances of getting a business loan?
  1. 1 – Get your credit score in check. ...
  2. 2 – Don't get multiple quotes from multiple lenders. ...
  3. 3 – Reduce negative balance days. ...
  4. 4 – Choose the right lender. ...
  5. 5 – Create a perfectly written business plan. ...
  6. 6 – Be open to alternative funding options.

Is it a good idea to get a loan to start a business? ›

Loans help your business grow: Whether your plan is to hire more employees, expand into a new market, offer new products or grow an existing location, your business needs cash to do so. A business loan will cover the upfront costs of expansion, allowing you to pursue profitable growth.

Should I use my own money to start a business or get a loan? ›

Using your own money can mean taking more time to start your startup but allows you to focus on developing your product or service first. If you do eventually seek outside financing, potential financiers want to see that you are responsible enough to trust with their money.

Can I get a business loan without revenue? ›

Getting a business loan with no revenue is possible, but it may be more challenging to qualify. Most lenders want proof of income before approving a loan, so businesses without any revenue may have to look for alternative financing options.

What are three sources of funding for new businesses? ›

The best way to get capital to grow your business
  • Bootstrapping. The funding source to start with is yourself. ...
  • Loans from friends and family. Sometimes friends or family members will provide loans. ...
  • Credit cards. ...
  • Crowdfunding sites. ...
  • Bank loans. ...
  • Angel investors. ...
  • Venture capital.

What is typically the largest source of money for a new business? ›

1. Retained Earnings. Companies generally exist to earn a profit by selling a product or service for more than it costs to produce. This is the most basic source of funds for any company and, hopefully, the primary method that brings in money to the firm.

Do business loans look at personal credit? ›

Are you applying for a business loan? Commercial lenders may look at both your business and personal credit scores before they approve your application. If you have poor personal credit and you're wondering if it will affect your approval or the terms of your commercial loan, the answer is yes, it can.

How much of a business loan can I get with a 700 credit score? ›

You can borrow $50,000 - $100,000+ with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Can I get a business loan with a 580 credit score? ›

It's possible to get a small business loan with bad credit, but applicants with low credit scores may have a harder time getting approved for traditional loans. What's more, small business owners with bad credit—scores as low as 580—typically can only access high interest rates.

What is the lowest business credit score? ›

Intelliscore Plus from Experian
Score rangeRisk classRisk description
51-752Low to medium
11-254Medium to high
1 more row

How to get a 100 business credit score? ›

  1. Legally Register Your Business.
  2. Get a Business Credit Card or Banking Account.
  3. Work With Vendors Who Report Payments.
  4. Pay Your Bills on Time.
  5. Use Net Income To Finance Your Debt Obligations.
  6. Check Your Score Periodically.
Jun 23, 2023

What is the highest business credit score you can have? ›

Business Credit Risk Score

Businesses are ranked on a scale between 101 to 992, with a lower score correlating to a higher risk of delinquency.

What is the easiest loan to get? ›

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

What qualifies as a small business? ›

It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees). For example, according to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less.

Is SBA loan only for US citizens? ›

Yes, a non-U.S. citizen can apply for an SBA loan. As part of the SBA loan application process, each “proprietor, general partner, officer, director, LLC managing member, and 20%+ owner” of a business applying for a loan must provide an SBA Form 912 (Statement of Personal History) to their lender.

How much of a business loan can I get with a 650 credit score? ›

The minimum credit score required for the SBA 7(a) business loan is 650. The 7(a) loan is the most in demand SBA loan program to date. It guarantees small business owners up to $750,000 of working capital from their local 7(a) lender, with a partial guarantee from the Small Business Administration.

Is it hard to get a SBA loan? ›

The short answer – No, it is not hard to get an SBA loan! Most businesses are eligible and qualifying is easier than you might think! The SBA 504 loan is specifically designed to help small businesses expand by purchasing fixed assets such as real estate and equipment.

How long does it take to build business credit? ›

For new businesses, it usually takes between one to three years to build enough credit to be eligible for small business loans. If you continue to pay back your loans on time, your small business credit will continue to grow.

How to convince a bank to give you a business loan? ›

5 Tips for Creating a Convincing Forecast for the Bank
  1. First, Build a Real Relationship. It is very difficult for any small business owner to walk up to someone to ask for assistance. ...
  2. Know the Numbers. ...
  3. Explain How You Made Your Forecasts. ...
  4. Show How They Get Their Money Back. ...
  5. Personally Guarantee the Loan.
Jan 28, 2016

How do I approach a bank for a business loan? ›

How to Approach Your Bank for Funding
  1. Prepare a cash flow forecast, and back it up with historical financial statements. ...
  2. Present yourself and your business well, this will also be reflected in your plans for any funding you receive. ...
  3. Produce a detailed (good) credit history. ...
  4. Show a track record of good money management.
Mar 24, 2022

What do banks check before giving a business loan? ›

One of the first items lenders try to determine when assessing business credit is the owner's capacity to repay the loan. They'll consider household income, business revenue, cash flow, outstanding debt, unused credit lines, and the amount of money the owner has personally invested into the business.

What is the cheapest source of finance in business? ›

Retained earning is the cheapest source of finance.

What is the typical way a small business is funded? ›

Small businesses typically use debt or equity financing — or a combination of the two. Debt financing involves borrowing money from a third party, which you then repay, with interest.

What is the cheapest form of financing for a company? ›

Since Debt is almost always cheaper than Equity, Debt is almost always the answer. Debt is cheaper than Equity because interest paid on Debt is tax-deductible, and lenders' expected returns are lower than those of equity investors (shareholders).

Why do banks reject small business loans? ›

Bad credit or no credit: Banks generally look at both personal and business credit scores to make lending decisions and set interest rates. Generally, a credit score can be low for several reasons, including bankruptcy, and late or missed payments to lenders, credit card issuers and vendors.

Why is it so hard to get a small business loan? ›

Low Credit Score

Low credit scores are a common reason why it's difficult to get an SBA loan. Banks are risk-averse, and usually, require borrowers to have a FICO score above 650. They may consider both your personal credit score and your business credit score.

How much is a bank loan to start a business? ›

Startup Loan Amounts

Startup loans typically range from $9,000 to $20,000. You can be funded for as little as $500 or for as much as $750,000 (though you'll need a large personal income for a loan that size). Startup loan decisions are made differently from other forms of business financing.

How hard is it to get a SBA 7a loan? ›

It can be difficult to get an SBA 7(a) loan if you don't have strong annual revenue, a good credit score (690+) and at least two years in business. SBA 7(a) loan requirements vary from lender to lender, but you'll generally need to meet these criteria to qualify.

Can you get an EIDL loan up to 500k? ›

Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

What is the most common type of SBA loans? ›

The 7(a) Loan Program, SBA's most common loan program, includes financial help for small businesses with special requirements. This is a good option when real estate is part of a business purchase, but it can also be used for: Short- and long-term working capital.

How much money do you need for a SBA? ›

How much do you have to put down on a SBA 7(a) loan? Business owners should expect to pay a 10% to 30% down payment when applying for an SBA 7(a) loan. Businesses with weak cash flow or low-value collateral typically have higher down payment requirements.

Do SBA loans have to be paid back? ›

Your Loan Will Go Into Default

If you stop paying on your loan, it will go into default. The amount of time you have to pay before defaulting depends on the terms of your SBA loan contract. Though, in general, you will have between 90–120 days to resume payments.

Do you have to be profitable to get an SBA loan? ›

Lenders also set certain qualifications for SBA loans. Many lenders require a minimum of $100,000 in profits each year. Some also require a credit score of 620 or higher.

What credit score do I need for a business loan? ›

640 to 700: Business loan providers generally consider a credit score that falls somewhere between 640 and 700 to be good but not excellent. Generally, the minimum credit score for SBA and term loans is around 680.

Is the $10 000 EIDL loan forgivable? ›

EIDL loans are fixed-rate low interest loans for small businesses impacted by the COVID-19 pandemic. As part of the EIDL program, businesses that apply can receive a forgivable $10,000 EIDL Advance Grant. EIDL loans offer 3.75% interest rates (2.75% for non-profits) and up to 30-year repayment terms.

What is the limit for Covid Eidl? ›

Key Provisions of the COVID EIDL Program are the following:

Maximum amount: $2 million per business (beginning October 8, 2021), limited to $10 million for a corporate group. Loan term: 30 years. Interest rate: 3.75% fixed (2.75% for private non-profit organizations)

What is the largest EIDL loan? ›

The loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage. *A business may qualify for, both, an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million.

Does everyone get approved for SBA loan? ›

In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding.

What is the average SBA loan size? ›

Average SBA loan amounts

According to the 7(a) and 504 Summary Report from the SBA, the average loan amount during the 2022 fiscal year for all types of 7(a) loans was $538,903. The average amount for all types of 504 loans was $995,029.

How long does it take to get an SBA loan? ›

SBA loans provide entrepreneurs with a low-cost business loan option guaranteed by the government. Generally, receiving funds following an application takes 30 to 90 days. SBA loan approval time differs depending on the lender you use and the type of loan you apply for.

What qualifies as a small business for SBA? ›

The SBA assigns a size standard to each NAICS code. Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business.

Can a SBA loan be used to pay a salary? ›

SBA loans. The Small Business Administration has several loans that can be used for payroll and other business expenses, including the 7(a) and microloans.


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